Question
2) Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully
2) Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan.
Priciple $ 9,000 Interest Rate 8% Term of Loan (years) 25
a) The amount of the equal, annual, end-of-year payment, CF, is ? Round to nearest cent
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Money Banking And Financial Markets
Authors: Stephen Cecchetti, Kermit Schoenholtz
3rd Edition
007337590X, 9780073375908
