What is the amount of the second annual payment

Reference no: EM13697445

Andrew has taken out a loan for $7,000 with the following terms: interest is only charged on annual payments during the first 4 years, and a payment of the rest of the money owed at the end of the 5th year. The bank is only charging 4.17%. What is the amount of the second annual payment?

Reference no: EM13697445

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