Question
A declining-balance loan for $3000 entails paying about $275.00 for each of twelve months, for a total of about $3300 in payments. The loan's periodic
A declining-balance loan for $3000 entails paying about $275.00 for each of twelve months, for a total of about $3300 in payments. The loan's periodic interest rate is 18% per year or 1.5% per month. How much of the loan's first payment goes to paying interest (to the nearest dollar)?
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Project Financing Financial Instruments And Risk Management
Authors: Frank J Fabozzi, Carmel De Nahlik
1st Edition
9811231494, 9789811231490
