Question
In view of the information given below, determine the value of each x in the following table. The loan is to be repaid in three
In view of the information given below, determine the value of each x in the following table. The loan is to be repaid in three equal end of year payments.
Loan principal: $15,000
Interest Rate/Yr: 9%
Duration of loan = 3 years
| EOY K | Interest paid | Principal Repayment |
| 1 | $1350 | b= |
| 2 | $938.12 | $4988.38 |
| 3 | a= | c= |
Please show work & thanks in advance.
a=
b=
c=
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Fundamentals Of Financial Management
Authors: James C. Van Horne
10th Edition
0138596875, 978-0138596873
