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Jessica will be receiving $3,600 five years from now. Her desire is to get a loan today and then repay it in one lump sum
Jessica will be receiving $3,600 five years from now. Her desire is to get a loan today and then repay it in one lump sum when she receives her funds. What is the maximum loan Jessica can get today if the bank charges 8.5% interest?
a. $2,433.86
b. $2,416.36
c. $2,501.08
d. $2,394.16
e. $2,357.10
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