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A person borrows $100,000 at a simple interest rate r=24%. He is to repay the loan with 2 payments, on at the end of 2
A person borrows $100,000 at a simple interest rate r=24%. He is to repay the loan with 2 payments, on at the end of 2 months and the other at the end of 6 months. The first payment is the same as the 2 nd payment. Determine the size of the payments, using the end of 6 months as the focal date. A. $48,076.92 B. $53,925.93 C. $53,846.15 D. $46,296.30
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