Question
A friend wants to borrow money from you. He states that he will pay you $4,500 every 6months for 13 years with the first payment
A friend wants to borrow money from you. He states that he will pay you $4,500 every 6months for 13 years with the first payment exactly 2 years and six months from today. The interest rate is an APR of 6.8 percent with semiannual compounding. What is the value of the payments today?
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Personal Finance
Authors: Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Melissa Hart
12th edition
1259720683, 978-1259720680
