Question
Sally buys a sofa priced at $2000. The furniture store provides installment loan for the purchase: Sally does not need to pay right away, but
Sally buys a sofa priced at $2000. The furniture store provides installment loan for the purchase: Sally does not need to pay right away, but has to pay equal amount every month for the next 4 months. If the yield to maturity of this loan is 5%, how much does Sally have to repay in each month?
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Macroeconomics
Authors: David Colander
8th edition
978-0078004407, 78004403, 978-0077247171, 77247175, 978-0077307110
