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Mr Beltram takes out a $100000 loan for twelve years The applicable annual effective interest rate is a promotional rate of 2% for the first two years and 6% for the remainder of the loan term

Mr. Beltram takes out a $100,000 loan for twelve years. The applicable annual effective interest rate is a promotional rate of 2% for the first two years and 6% for the remainder of the loan term. Mr. Beltram's payments increase by 10% each year. Find the balance on the loan immediately following his fiftieth payment.

The answer is: $79,068.68

Please show work, Thanks!

 

May 14 2020 View more View Less

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