Question
Hello I need help solving this finance problem, thank you! Valerie and Parker each borrowed an identical amount. The nominal interest rate is 8.4% convertible
Hello I need help solving this finance problem, thank you! Valerie and Parker each borrowed an identical amount. The nominal interest rate is 8.4% convertible monthly for both of these women. Valerie will repay her loan with 60 equal monthly payments of 81.46. Valerie's first payment is due one month from today. Parker will repay with 20 equal payments of 250 at times t = T, 2T, 3T,...., 20T. That is, her payments are equally spaced in time, with the first to be T years from now. Note that T is in years. Determine the time elapsed between Parker's fifth payment and her 18th payment.
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