Question
Larry borrows 17500 dollars from Moe at an effective rate of 9.3 percent, and agrees to make 12 equal annual payments (the first a year
Larry borrows 17500 dollars from Moe at an effective rate of 9.3 percent, and agrees to make 12 equal annual payments (the first a year from now) to repay the loan. Immediately after Larry makes the seventh payment, Moe sells the loan to Curly. If Moes total yield rate is 5.8 percent effective, how much does Curly pay for the loan?
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Bookkeeping And Accounting For Beginners
Authors: D.K. Livingston
1st Edition
1686248598, 978-1686248597
