Question
Suppose that every 4 months, you make a $595 payment toward a 10-year loan whose annual rate is 4.5%. How much was the loan for?
Suppose that every 4 months, you make a $595 payment toward a 10-year loan whose annual rate is 4.5%. How much was the loan for?
The answer is $14,289, but I'm not sure why. Can someone explain this to me?
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Investment Analysis And Portfolio Management
Authors: Frank K. Reilly, Peggy L. Hedges, Philip Chang, Keith C. Brown, Hedges Reilly Brown
1st Canadian Edition
0176500693, 978-0176500696
