Question
An individual borrowed ($10,000) nine months ago and another $6,000$6,000 three months ago and he wishes to pay off this loan with a payment of
An individual borrowed (\\$10,000\) nine months ago and another $6,000$6,000 three months ago and he wishes to pay off this loan with a payment of $X$X today. You are given that j2=10%j2=10% and that the practical method of crediting/charging interest is used. Determine $X$X.
a. $16,912.50
b. $16,907.46
c. $16,900.26
d. $16,918.90
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Intermediate Financial Management
Authors: Brigham, Daves
10th Edition
978-1439051764, 1111783659, 9780324594690, 1439051763, 9781111783655, 324594690, 978-1111021573
