Question
A man borrows $9800. A payment of $2989 is made 59 days later. A second payment of $1020 is paid 120 days after the first
A man borrows $9800. A payment of $2989 is made 59 days later. A second payment of $1020 is paid 120 days after the first payment. A third payment of X is due 46 days after the second payment, after which the loan balance is 0. The loan is charged a simple interest rate of r = 7.25%. What is X, if the Declining Balance Method is used?
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Advanced Financial Risk Management Enterprise Wide Risk Management In Theory And Practice
Authors: Donald Van Deventer, Kenji Imai, Mark Mesler
3rd Edition
1547416157, 9781547416158
