Question
Please don't give the Excel solution. I do not need it. A loan of X is to be repaid with equal payments at the end
Please don't give the Excel solution. I do not need it.
A loan of X is to be repaid with equal payments at the end of the year for 5 years. The outstanding loan balance at the end of the fourth year is 911.74. The annual effective rate of interest is 7%. Calculate the principal repaid with the first payment.
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
7th Edition
0030333288, 9780030333286
