Question
Consider a loan for $100,000 to be repaid in equal installments at the end of each of the next 5 years. The interest rate is
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Consider a loan for $100,000 to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 7% compounded annually. What is the remaining balance of the loan after 2 years?
$63,456
$24,389
$64,005
$75,611
$51,222
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Financial Management Core Concepts
Authors: Raymond Brooks
3rd Edition
0133866742, 9780133866742
