Question
A $50,000 loan obtained today is to be repaid in equal annual installments over the next seven years starting at the end of this year.
A $50,000 loan obtained today is to be repaid in equal annual installments over the next seven years starting at the end of this year. If the annual interest rate is 2 percent, compounded annually, how much is to be paid each year?
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Finance And Financial Markets
Authors: Keith Pilbeam
3rd Edition
023023321X, 978-0230233218
