Question
An individual borrows $1,000,000 for 20 years at a simple annual rate of interest of 6 percent. Payments are in the form of a monthly
An individual borrows $1,000,000 for 20 years at a simple annual rate of interest of 6 percent. Payments are in the form of a monthly annuity due. What is the dollar amount of each monthly annuity due payment?
| a. | $7,129 | |
| b. | $2,164 | |
| c. | $2,153 | |
| d. | $7,164 |
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International Financial Management
Authors: Cheol Eun, Bruce Resnick
5thEdition
0073382345, 9780073382340
