(Exercise 5.16) A bank customer borrows X at an annual effective rate of 5.9% and makes level payments at year for n years. (1) The interest portion of the final payment is $231.3. (ii) The total principal repaid as of time n-1 is $61134.22. (iii) The principal repaid in the first payment is Y. Calculate Y. Y = $

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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(Exercise 5.16) A bank customer borrows X at an annual effective rate of 5.9% and makes level payments at the end of each
year for n years.
(i) The interest portion of the final payment is $231.3.
(ii) The total principal repaid as of time n-1 is $61134.22.
(iii) The principal repaid in the first payment is Y.
Calculate Y.
Y = $
Transcribed Image Text:(Exercise 5.16) A bank customer borrows X at an annual effective rate of 5.9% and makes level payments at the end of each year for n years. (i) The interest portion of the final payment is $231.3. (ii) The total principal repaid as of time n-1 is $61134.22. (iii) The principal repaid in the first payment is Y. Calculate Y. Y = $
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