Question
Peter took out a loan of $54,000 with an interest rate of 6.25% compounded quarterly and demanded to make payments of $450 at the end
Peter took out a loan of $54,000 with an interest rate of 6.25% compounded quarterly and demanded to make payments of $450 at the end of each month.
a) How many payments will it take Peter to pay back his loan? (4 marks)
b) How many years and months will it take Peter to pay off his loan? (2 marks)
c) How much interest (in dollars) did Peter pay on his loan? (2 Mar
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Financial Management Theory And Practice
Authors: Eugene F. Brigham, Michael C. Ehrhardt
10th Edition
0030329922, 9780030329920
