Question
Dan borrowed $857.00 today and is to repay the loan in two equal payments. The first payment is in five months, and the second payment
Dan borrowed
$857.00
today and is to repay the loan in two equal payments. The first payment is in
five
months, and the second payment is in
seven
months. If interest is
6%
per annum on the loan, what is the size of the equal payments? Use today as the focal date.
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Personal Finance Lab Include Pearson EText
Authors: David Eiteman, Arthur Stonehill, Michael Moffett
6th Edition
0134626575, 978-0134626574
