Question
Company XYZ purchased some machinery and gave a five-year note with a maturity value of $20,000. The discount rate is 8% annually and the interest
Company XYZ purchased some machinery and gave a five-year note with a maturity value of $20,000. The discount rate is 8% annually and the interest is discounted monthly. How much did the company borrow?
Can you please help me figure out how to calculate this? I need to see how to calculate it, not just the answer. Thanks!
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Financial Modeling
Authors: Simon Benninga
4th Edition
0262027283, 9780262027281
