Question
A loan of $P is taken out today at j12, to be repaid over n-months with monthly payments. You are given the following information: the
A loan of $P is taken out today at j12, to be repaid over n-months with monthly payments. You are given the following information: the principal repaid in the 32nd payment is $343.79, the principal repaid in the 41st payment is $376.00 and the outstanding balance after n 1 monthly payments have been made is $576.77. What is the value of P?
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International Financial Management
Authors: Cheol Eun, Bruce Resnick
4th Edition
0072996862, 9780072996869
