Question
A $9,500 loan is to be repaid in three equal payments occurring 62, 180, and 300 days, respectively, after the date of the loan. Calculate
A $9,500 loan is to be repaid in three equal payments occurring 62, 180, and 300 days, respectively, after the date of the loan.
Calculate the size of these payments if the interest rate on the loan is (7 1/4)%. Use the loan date as the focal date.(Do not round your intermediate calculations and round the final answer to 2 decimal places.)
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Principles Of Corporate Finance
Authors: Lawrence J. Gitman, Sean M. Hennessey
2nd Canadian Edition
0321452933, 978-0321452931
