Question
April has the following debts: She owes Jade $650 in 9 years, owes Carly $850 in 3 years, and owes Sarah $500 in 10 years.
April has the following debts: She owes Jade $650 in 9 years, owes Carly $850 in 3 years, and owes Sarah $500 in 10 years. However Jade, Carly, and Sarah all owe Heidi even more money than April owes each of them. April decides to pay off all of her debts by paying Heidi a single payment today. What is the size of the single payment if the interest rate is j12= 3%
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Applied Quantitative Finance
Authors: Härdle
3rd Edition
3662544857, 978-3662544853
