Answered: he government borrowed a certain amount…

he government borrowed a certain amount of money to build a new bridge. It pays interest at a rate of 12%. If the yearly repayments are $320,000, calculate the amount borrowed.

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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The government borrowed a certain amount of money to build a new bridge. It pays interest at a rate of 12%. If the yearly repayments are $320,000, calculate the amount borrowed.

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