Question
If you borrowed $5,000 from a credit union at an interest of 24% annual compounded monthly, how much you owe at the end of
If you borrowed $5,000 from a credit union at an interest of 24% annual compounded monthly, how much you owe at the end of 2nd year? a) Draw a cash flow diagram based on months, and another one based on years. b) Solve the question by using periodic interest rate c) Solve the question by using effective interest rate
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Survey of Accounting
Authors: Carl S Warren
6th edition
978-113318912, 1133189121, 978-1133189121
