to finance the development of new product a company borrowed 26000 at 7% compounded monthly. if loan is to be repaid in equal quaterly payments over eight years and the first payment is due three months after the date of the loan what is the size of the quarterly payment

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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to finance the development of new product a company borrowed 26000 at 7% compounded monthly. if loan is to be repaid in equal quaterly payments over eight years and the first payment is due three months after the date of the loan what is the size of the quarterly payment

 

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