A loan of $2400 is to be repaid by annual payments of $261 to commence at the end of the 5 th year and fo continue thereafter tor as long as necessary. Find the time and amount of the final payment, If the final payment is to be larger than tho regular payments, Assume 1=5.2% . Last payment at time_________ Last payment $____
A loan of $2400 is to be repaid by annual payments of $261 to commence at the end of the 5 th year and fo continue thereafter tor as long as necessary. Find the time and amount of the final payment, If the final payment is to be larger than tho regular payments, Assume 1=5.2% . Last payment at time_________ Last payment $____
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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(Exercise 3.24) A loan of
$2400
is to be repaid by annual payments of
$261
to commence at the end of the 5 th year and fo continue thereafter tor as long as necessary. Find the time and amount of the final payment, If the final payment is to be larger than tho regular payments, Assume
1=5.2%
. Last payment at time_________
Last payment $______
$
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