Question
A loan at an 8% annual effective interest rate has an initial payment of 100 and 9 further payments. The payment amount decreases by 5
A loan at an 8% annual effective interest rate has an initial payment of 100 and 9 further payments. The payment amount decreases by 5 each year. Calculate the loan balance immediately after the 6th payment.
Book says the answer is 208.60, I tried few times couldn't get it right. Please help!
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Money Banking And Financial Markets
Authors: Stephen Cecchetti
2nd Edition
0073523097, 9780073523095
