Question
A loan of $5000 is repaid by 20 quarter payments of $280, with the first payment due in a quarter. (a) What is the interest
A loan of $5000 is repaid by 20 quarter payments of $280, with the first payment due in a quarter.
(a) What is the interest rate per annual?
(b) With the interest found in part (a), how many quarters will it take to pay off the loan if the payment is only $250 per quarter?
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Financial Management for Public Health and Not for Profit Organizations
Authors: Steven A. Finkler, Thad Calabrese
4th edition
133060411, 132805669, 9780133060416, 978-0132805667
