Fred takes out a loan from C'Ville Bank at a nominal rate of 10.2 percent convertible monthly, and agrees to repay the loan with 36
Fred takes out a loan from C'Ville Bank at a nominal rate of 10.2 percent convertible monthly, and agrees to repay the loan with 36 equal monthly payments, the first due a month after the loan is made. Immediately after making the 13th payment, C'Ville sells the loan to Richmond Bank for 2350 dollars. If Richmond Bank's yield on the loan is 14.1 percent convertible monthly, how much did Fred originally borrow?
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Authors: Roger Staiger
2nd Edition
1138046183, 978-1138046184
