Question
Kevin takes out a 10 year loan of L which he repays with payments of 1000 at the end of each year atan annual effective
Kevin takes out a 10 year loan of L which he repays with payments of 1000 at the end of each year atan annual effective interest rate of i. The total of the interest paid during the life of the loan is also equal to L. How much interest is paid in the first payment?
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk
11th Edition
0324422865, 978-0324422863
