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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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Introductory Econometrics For Finance
Authors: Chris Brooks
2nd Edition
052169468X, 9780521694681
