you borrow $5,000 at 15% for 12 months. you and your creditor agree, that you will make TWO equal payments, one at 3 months and one at 7 months. using a focal point places at 12 months. what is the amount of the payment? make sure you rond all intermediate calculations to 5 decimal places, round final answer to the nearest penny
you borrow $5,000 at 15% for 12 months. you and your creditor agree, that you will make TWO equal payments, one at 3 months and one at 7 months. using a focal point places at 12 months. what is the amount of the payment? make sure you rond all intermediate calculations to 5 decimal places, round final answer to the nearest penny
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
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you borrow $5,000 at 15% for 12 months. you and your creditor agree, that you will make TWO equal payments, one at 3 months and one at 7 months. using a focal point places at 12 months. what is the amount of the payment?
make sure you rond all intermediate calculations to 5 decimal places, round final answer to the nearest penny
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