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
Related questions
Question
In order to buy a car, you borrow $22,500 from a friend at 10%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.
d. Three and one-half years after borrowing the money, you decide to pay off the loan. You have not yet made the payment due at that time. What is the payoff amount for the loan?
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