Question
A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years.
A bank customer borrows X at an annual effective rate of 12.5% and makes level payments at the end of each year for n years.
1) THe interest portion of the final payment is 153.86
2) The total principal repaid as of time (n-1) is 6009.12
3) The principal repai in the first payment is Y
Calculate Y
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Principles of Finance
Authors: Scott Besley, Eugene F. Brigham
5th edition
1111527369, 978-1111527365
