5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest rate of 1.2% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest rate of 1.2% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A 5-year loan is to be repaid by month-end repayments of 7,000 starting in one month at an interest rate of 1.2% p.a. compounded monthly. Or, it can be repaid by year-end repayments of $X staring in one year. Calculate the yearly repayments $X. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
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