A 20-year loan of 1000 is repaid with payments at the end of each year.
Each of the first ten payments equals 150% of the amount of interest due.
Each of the last ten payments is X.
The lender charges interest at an annual effective rate of 10%.
Calculate X.
solution:
For the first 10 years, each payment equals 150% of [...]

Mixed blessing: credit card reform may shock some
Your next credit card statement is going to contain an hideous truth: how much that card really costs to use. Now, thanks to a long-awaited law that goes into effect Monday, you’ll know that if you pay the minimum on a $3,000 balance with a 14 percent interest [...]

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