Ben borrows a loan of $6,000 at 11% per annum on March 10. He plans to pay it different smaller amounts when he has some cash available. He manages to pay $2,500 on June 30th, and another $,2000 on September 5th. If Raymond pays the balance on November 15, how much will be his final payment. Note: from March 10 to June 30=112 days (March=31-10+1=22 + Apr=30 + May=31 + June=29 = 112 days

Ben borrows a loan of $6,000 at 11% per annum on March 10. He plans to pay it different smaller amounts when he has some cash available. He manages to pay $2,500 on June 30th, and another $,2000 on September 5th. If Raymond pays the balance on November 15, how much will be his final payment. Note: from March 10 to June 30=112 days (March=31-10+1=22 + Apr=30 + May=31 + June=29 = 112 days

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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