Question
A 12-year loan requires month-end payments of $587.81 including interest at 8.4% compounded monthly. What was the original amount of the loan? (Do not round
A 12-year loan requires month-end payments of $587.81 including interest at 8.4% compounded monthly.
What was the original amount of the loan?(Do not round intermediate calculations and round your final answer to 2 decimal places.)
Original loan $
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Principles of managerial finance
Authors: Lawrence J Gitman, Chad J Zutter
12th edition
9780321524133, 132479540, 321524136, 978-0132479547
