Question
1) A loan of $77,000 is repaid by payments of $3,000 at the end of every month. Interest is 6% compounded monthly. (4 total-Ch14) (a)
1) A loan of $77,000 is repaid by payments of $3,000 at the end of every month. Interest is 6% compounded monthly. (4 total-Ch14)
(a) How many payments are required to repay the debt? (2 marks)
(b) What is the size of the final payment? (2 marks)
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Fixed Income Securities Tools For Todays Markets
Authors: Bruce Tuckman, Angel Serrat
4th Edition
1119835550, 978-1119835554
