Question
On 31 December, Son-Nan Chen borrowed $100,000, agreeing to repay this sum in 20 equal annual installments that include both principal and 15% interest on
On 31 December, Son-Nan Chen borrowed $100,000, agreeing to repay this sum in 20 equal annual installments that include both principal and 15% interest on the declining balance. How large will the annual payments be?
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Principles of managerial finance
Authors: Lawrence J Gitman, Chad J Zutter
12th edition
9780321524133, 132479540, 321524136, 978-0132479547
