Problem #5: A loan of $53,000 is paid off in 36 payments at the end of each month in the following way: Payments of $1325 are made at the end of the month for the first 12 months. Payments of $1325 + x are made at the end of the month for the second 12 months. Payments of $1325 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 8.6% 7 Problem #: Answer correct to 2 decimals

Problem #5: A loan of $53,000 is paid off in 36 payments at the end of each month in the following way: Payments of $1325 are made at the end of the month for the first 12 months. Payments of $1325 + x are made at the end of the month for the second 12 months. Payments of $1325 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 8.6% 7 Problem #: Answer correct to 2 decimals

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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