Wildcat engineering decides to take a $10,000 interest only lona. The loan is to be paid montly over a two year period. The bank agrees to the loan at 2% above the current prime rate which is 4%. The payment due in the last month is closest to: a.$10,000 b.$10,050 c.$12,000 d.$12,060 e. $14,000 f.$14,070

Wildcat engineering decides to take a $10,000 interest only lona. The loan is to be paid montly over a two year period. The bank agrees to the loan at 2% above the current prime rate which is 4%. The payment due in the last month is closest to: a.$10,000 b.$10,050 c.$12,000 d.$12,060 e. $14,000 f.$14,070

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 9P

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