A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16 equal monthly payments, the first of them in the third month worth $350,000. If the agreed interest rate for this operation is 30% NM, what is the value of the credit? a. $6.061.433,89 b. $6.257.556,08 c. $6.553.256,08
A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16 equal monthly payments, the first of them in the third month worth $350,000. If the agreed interest rate for this operation is 30% NM, what is the value of the credit? a. $6.061.433,89 b. $6.257.556,08 c. $6.553.256,08
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16 equal monthly payments, the first of them in the third month worth $350,000. If the agreed interest rate for this operation is 30% NM, what is the value of the credit?
a. $6.061.433,89
b. $6.257.556,08
c. $6.553.256,08
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