Question
On December 31, Son-Nan Chen borrowed $115,00, agreeing to repay this sum in 22 equal end-of-year installments and 15 percent interest on the declining balance.
On December 31, Son-Nan Chen borrowed $115,00, agreeing to repay this sum in 22 equal end-of-year installments and 15 percent interest on the declining balance. How large must the annual payments be?
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Contemporary Financial Management
Authors: R. Charles Moyer, William J. Kretlow, James R. Mcguigan
7th Edition
0538877766, 9780538877763
