Question
Kevin takes out a loan of 2000 dollars to buy a car at an effective annual rate of interest of 6%. He repays the loan
Kevin takes out a loan of 2000 dollars to buy a car at an effective annual rate of interest of 6%. He repays the loan by making level annual payments at the end of each year for 10 years, using the amortization method. Find the outstanding loan balance at the end of the 1st year just after the 1st payment is paid
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International Marketing And Export Management
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
8th Edition
1292016922, 978-1292016924
