Jones of Boston borrowed $40,000, 90 day, 10% note. After 60 days Jones made an initial payment of $6,000. Assuming the U.S. Rul
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here's the solution,
- n = 11
- a = 5 ( a = first term )
- d = 6 ( d = common difference )
we know,
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nth term ( 11th term ) = 65