Question
4. If you borrow $10,000 at 7.3% to be repaid in 10 equal yearly payments, what will each payment be? (Hint: Use the PMT function
4. If you borrow $10,000 at 7.3% to be repaid in 10 equal yearly payments, what will each payment be? (Hint: Use the PMT function in Excel; make sure it is a positive number)
Confirming my calculations are correct :)
| Borrowing | 10,000 |
| Interest rate | 7.3% |
| Years | 10 |
| Yearly payment | 1,444 |
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Finance Applications and Theory
Authors: Marcia Cornett
4th edition
1259691411, 978-1259691416
