Question
50.Your friend wants to borrow some money from you but he can only afford to pay a monthly installment of $250 at the end of
50.Your friend wants to borrow some money from you but he can only afford to pay a monthly installment of $250 at the end of each of the next 36 months. If the interest rate is 12% APR (i.E. compounded monthly), what is the most you can lend him (to the nearest $100) if the loan is to fully repaid at the end of month 36.Select one:a. $6,500b. $7,500c. $8,000d. $9,000e. None of the above
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The Complete Direct Investing Handbook
Authors: Kirby Rosplock
1st Edition
1119094712, 978-1119094715
