Suppose you wish to borrow $60,000 at an annually compounded interest rate of 16% for a period of 14 years. What would be the annual repayment?
Suppose you wish to borrow $60,000 at an annually compounded interest rate of 16% for a period of 14 years. What would be the annual repayment?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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Suppose you wish to borrow $60,000 at an annually compounded interest rate of 16% for a period of 14 years.
What would be the annual repayment?
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