You just borrowed $240,203. You plan to repay this loan by making (X) regular annual payments of $22,820 and a special payment of special payment of $49,700 in 6 years. The interest rate on the loan is 9.76 percent per year and your first regular payment will be made today. What is X? Round to 2 decimal places for final answer.


To solve this problem, we can break it down into two parts:

1. **The loan is repaid with (X) regular annual payments of $22,820.**
2. **A special payment of $49,700 is made in the 6th year.**
3. **The interest rate is 9.76%, compounded annually.**
4. **The first payment is made today.**

Since the first payment is made today, this means the loan is repaid using the concept of an **annuity due** (where payments are made at the beginning of the period). The total present value of all the payments must be equal to the loan amount of $240,203.

We'll calculate the present value of:

- The regular annual payments of $22,820 over (X) years.
- The special lump-sum payment of $49,700 in 6 years.

The present value of the regular payments can be calculated using the **annuity due formula**. For the lump-sum special payment, we will discount it back to the present.

Let me calculate that for you.It seems like I can’t do more advanced data analysis right now. Please try again later.

Feel free to reach out again for assistance or ask any clarifications! If you'd like, I can walk you through the process for solving the problem manually.

Here are 5 related questions you might want to explore:

1. How do you calculate the present value of an

You just borrowed $240,203. You plan to repay this loan by making (X) regular annual payments of $22,820 and a special payment of $49,700 in 6 years. The interest rate on the loan is 9.76 percent per year and your first regular payment will be made today. What is X? Round to 2 decimal places for final answer.

Solve the loan repayment problem involving a borrowed amount of $240,203 with regular annual payments of $22,820 and a special payment of $49,700 in 6 years, using a 9.76% interest rate. Learn how to calculate X, the number of regular payments, using present value formulas and annuity due concepts.

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