Question
20) I have arranged to borrow $6,000 from my parents toward a holiday. I will repay the loan over 5 years in equal year-end payments.
20)
I have arranged to borrow $6,000 from my parents toward a holiday. I will repay the loan over 5 years in equal year-end payments. If the interest rate is 4.2% p.a. compounding monthly, my annual repayment is (rounded to nearest dollar; dont include the $ sign or commas):
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Financial Markets And Institutions
Authors: Jeff Madura
8th Edition
0324568215, 978-0324568219
