Question
suppose you borrow $10,000 at an APR annual interest rate of 6% compounded monthly over 36 months. At the end of the first year, after
suppose you borrow $10,000 at an APR annual interest rate of 6% compounded monthly over 36 months. At the end of the first year, after 12 payments, you want to pay off the remaining balance in 8 equal monthly installments. If the interest rate and the compounding frequency remain the same, what is the amount of each of the 8 payments?
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The International Handbook Of Public Financial Management
Authors: Richard Allen, Richard Hemming, B. Potter
1st Edition
1137574895, 978-1137574893
