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the difference between two different loan plans is 101,525.598. the first plan is infinite annual end-period...

the difference between two different loan plans is 101,525.598. the first plan is infinite annual end-period equal payments, while the second plan is the same end-period but payable in 24 years. what is the amount of the equal payments if it is the same in both plans and interest is computed at 10% compounded annually

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Abdul-Rahim Taysir

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Answer #1

Loan amount = $ 101,525.598

Interest rate = 10%

A. When the payment is made for an infinite time period.

Annual pay.ent for an infinite time period = $ 10,152.56

B. When the payment is made for 24 years.

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