Please solve without excel.
Bank A, requiring continuing for a total A person borrows money at i'-) = 12 from Bank Are level payments starting one month later and continuing for a of 15 years (180 payments). She is ents). She is allowed to repay the entire hol vided she also pays a penalty of ance outstanding at any time provided she also pays a ne k% of the outstanding balance at the time of repayment. At the end of 5 years (just after the 60°h payment) the borrower decides to repay the remaining balance, and finances the repayment plus pen- alty with a loan at i(12) = .09 from Bank B. The loan from Bank B requires 10 years of level monthly payments beginning one month later. Find the largest value of k that makes her decision to re- finance correct.
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