An obligation of $17 320 is due two years from now with interest at 9.2% compounded annually. The obligation is to be settled by a payment of $8000 in seven months and a fi payment in sixteen months. What is the size of the second payment if interest is now 10. compounded monthly?
An obligation of $17 320 is due two years from now with interest at 9.2% compounded annually. The obligation is to be settled by a payment of $8000 in seven months and a fi payment in sixteen months. What is the size of the second payment if interest is now 10. compounded monthly?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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