Question
A man borrows $10,000 to be paid back in 30 years with level end of year payments at an annual loan rate of i. The
A man borrows $10,000 to be paid back in 30 years with level end of year payments at an annual loan rate of i. The sum of principal payments in years 5 and 10 is equal to the principal repaid in year 15. Find the loan rate i.
i know it can be solved by the formula: KV^(30-5+1)+KV^(30-10+1)=KV^(30-15+1), how to solve V?
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Managerial Accounting A Focus on Ethical Decision Making
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
5th edition
324663854, 978-0324663853
