Question
A loan of $8000 is taken out today at a simple interest rate of 10%. A payment of $2000 is made 2 months from today,
A loan of $8000 is taken out today at a simple interest rate of 10%. A payment of $2000 is made 2 months from today, a payment of $200 is made 5 months from today and $X is paid 9 months from today which will fully pay off the loan. What is X if the declining balance method is used?
A. $6291.11 B. $6491.11 C. $6289.56 D. $6276.67
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International Finance Transactions Policy And Regulation
Authors: Hal Scott, Anna Gelpern
21st Edition
1634602048, 978-1634602044
