Question
A debt of $35000 is repaid by payments of $5700 made at the end of each year. Interest is 8% compounded semi-annually. a) How many
A debt of $35000 is repaid by payments of $5700 made at the end of each year. Interest is 8% compounded semi-annually. a) How many payments are needed to repay the debt? b) What is the cost of the debt for the first three years? c) What is the principal repaid in the fifth year?
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Economics Of Money Banking And Financial Markets
Authors: Frederic Mishkin
5th Edition
0134734203, 978-0134734200
