20.000 TLloan is being repaid by installments of 400 TL at the end of each month for as long as necessary, plu a final smaller payment. If interest is at J12 = 12%, find the cutstanding balance at the end of 3 years.
20.000 TLloan is being repaid by installments of 400 TL at the end of each month for as long as necessary, plu a final smaller payment. If interest is at J12 = 12%, find the cutstanding balance at the end of 3 years.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 25P
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