A debt of $52000 with interest at 9.6% compounded quarterly is to be repaid by equal payments at the end of every three months for five years. Calculate the size of the monthly payments,total amount paid and cost of financing. PV = $1 /YC/Y = n = PMT = $2 d. p. AMOUNT PAID $2 d. p. COST OF FINANCING = $2d.p.

A debt of $52000 with interest at 9.6% compounded quarterly is to be repaid by equal payments at the end of every three months for five years. Calculate the size of the monthly payments,total amount paid and cost of financing. PV = $1 /YC/Y = n = PMT = $2 d. p. AMOUNT PAID $2 d. p. COST OF FINANCING = $2d.p.

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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