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Determine the first payment and value of the last payment

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Question - A debt of $65,000,000 is being amortized in monthly payments. For 5 years, with the condition of increasing the fee each year by 18% but within each year the fee remains constant. Assuming an interest of 27% n.m. Determine the first payment, the value of the last payment and the composition of the fee or payment?

Reference no: EM132757208

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