Question
Kenny's loan payoff is to be made in two installments: $2500 in a year, and $3500 in 3 year. After talking to his loan officer,
Kenny's loan payoff is to be made in two installments: $2500 in a year, and $3500 in 3 year. After talking to his loan officer, it was decided that he could pay both installments in 20 months.
How much would he pay if his loan is processed at 7.25 % simple interest?
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Principles Of Corporate Finance
Authors: Lawrence J. Gitman, Sean M. Hennessey
2nd Canadian Edition
0321452933, 978-0321452931
