Question
Suppose you borrowed $15,000 at an annual interest rate of 8.5% and must repay it in 5 equal installments at the end of each of
Suppose you borrowed $15,000 at an annual interest rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. By how much would you reduce the amount you owe (that is, principal) in the first year?
| $2,404.91 |
| $2,790.96 |
| $2,658.06 |
| $2,930.51 |
| $2,531.49 |
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Financial Trading And Investing
Authors: John Teall
1st Edition
0123918804, 978-0123918802
