Lynn borrows 5000 at 15 percent per year compounded monthly, Business Economics

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Lynn borrows 5000 at 15 percent per year compounded monthly

Lynn borrows $5,000 at 15 percent per year compounded monthly. She wishes to repay the loan with 12 end-of-month payments. She wishes to make her first payment 1 month after receiving the $5,000. She also wishes that, after the first payment, the size of each payment be 10 percent greater than the previous payment. What is the size of her 6th payment?

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Business Economics: Lynn borrows 5000 at 15 percent per year compounded monthly

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