Question
A loan of $10,000 is repaid by n level end-the-year payments of $2,000 plus a final smaller payment. Determine the value of n and the
A loan of $10,000 is repaid by n level end-the-year payments of $2,000 plus a final smaller payment. Determine the value of n and the amount of the final payment, assuming the loan applies an annual effective interest rate of 10%.
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Fundamentals Of Financial Management
Authors: James C. Van Horne
10th Edition
0138596875, 9780138596873
