What is the final loan payment

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Problem

Bill Welch is buying out his partner in an avocado orchard. Bill is borrowing $200,000 and will pay 10% interest on the outstanding balance. Bill has agreed to pay $25,000 per year for the first five years, $30,000 for the next four, and then will pay off the remaining balance at the end of the 10th year. Get the instant assignment help. What is the final (10th) loan payment?

Reference no: EM133910860

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