Assume a lender offers you a $45,000, 10%, three-year loan that is to be fully amortized with 6 annual payments. The first payment will be due one year from the loan date. How much will you have to pay each year?
Assume a lender offers you a $45,000, 10%, three-year loan that is to be fully amortized with 6 annual payments. The first payment will be due one year from the loan date. How much will you have to pay each year?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 9PROB
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15- Assume a lender offers you a $45,000, 10%, three-year loan that is to be fully amortized with 6 annual payments. The first payment will be due one year from the loan date. How much will you have to pay each year?
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