Question
A loan of $2050 is to be repaid by annual payments of $251 to commence at the end of the 5 th year and to
A loan of $2050 is to be repaid by annual payments of $251 to commence at the end of the 5 th year and to continue thereafter for as long as necessary. Find the time and amount of the final payment, if the final payment is to be larger than the regular payments. Assume i=5.6%.
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Financial Management Principles And Applications
Authors: J William Petty, Sheridan Titman, Arthur J Keown, John D Martin, Peter Martin, Michael Burrow, Hoa Nguyen
6th Edition
1442539178, 9781442539174
