You agreed to make equal payments of 28,191 at the beginning of each months to discharge a debt due in 10 years. If money is worth 2.2 % compounded monthly, how much did you loan ? Round off answers to 2 decimal places.

You agreed to make equal payments of 28,191 at the beginning of each months to discharge a debt due in 10 years. If money is worth 2.2 % compounded monthly, how much did you loan ? Round off answers to 2 decimal places.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 3CE

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