Question
A loan of amount $15560.21 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1000
A loan of amount $15560.21 is repaid in 15 annual payments beginning 1 year after the loan is made. The first 6 payments are $1000 each, and the final 9 payments are each $2000. Interest is at an effective annual rate of 5.1%. What is the amount of the principal repayment in the 6th payment?
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International Financial Management
Authors: Jeff Madura, Roland Fox
4th Edition
147372550X, 9781473725508
