Question
Suppose you borrowed $12,000 at a rate of 9% and must repay it in 4 equal installments at the end of each of the next
Suppose you borrowed $12,000 at a rate of 9% and must repay it in 4 equal installments at the end of each of the next 4 years.How much would you still owe at the end of the first year, after you have made the first payment? Show formula and work.
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Financial Institutions Management A Risk Management Approach
Authors: Anthony Saunders, Marcia Millon Cornett
9th edition
1259717771, 1259717772, 9781260048186, 1260048187, 978-1259717772
