You have an outstanding debt of $8,000, with 9% simple interest. If you make a partial payment of $2,500 now, and agree to make two equal payments 4 and 7 months from now, what is the size of the equal payments? Use a focal date of today.
You have an outstanding debt of $8,000, with 9% simple interest. If you make a partial payment of $2,500 now, and agree to make two equal payments 4 and 7 months from now, what is the size of the equal payments? Use a focal date of today.
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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You have an outstanding debt of $8,000, with 9% simple interest. If you make a partial payment of $2,500 now, and agree to make two equal payments 4 and 7 months from now, what is the size of the equal payments? Use a focal date of today.
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