Question
Ponzi Bank Plc has offered you a loan of 800,000 today. This will be repaid in equal installments at the end of each year over
Ponzi Bank Plc has offered you a loan of 800,000 today. This will be repaid in equal installments at the end of each year over the next 15 years. The interest rate on the loan is 10%. How much will your annual repayments be?
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Money Banking And Financial Markets
Authors: Stephen Cecchetti, Kermit Schoenholtz
6th Edition
1260226786, 9781260226782
