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A person borrows $100,000 at a simple interest rate r = 24%. He is to repay the loan with 2 payments, one at the
A person borrows $100,000 at a simple interest rate r = 24%. He is to repay the loan with 2 payments, one at the end of 2 months and the other at the end of 6 months. The first payment is the same as the 2nd payment. Determine the size of the payments, using the end of 6 months as the focal date.
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Heres how to determine the size of the payments for the loan 1 Calculate the total interes...
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
