Question
Suppose you have three personal loans outstanding to your friend Chocolita Maritnez. A payment of $3,000 is due today, $1500 due one year from now,
Suppose you have three personal loans outstanding to your friend Chocolita Maritnez. A payment of $3,000 is due today, $1500 due one year from now, and$800 due two years from now. Youd like to consolidate the three loans into one, with 36 equal monthly payments, beginning one year from today. Assuming an effective annual rate of 11% per year. How large will the new monthly payment be?
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
16th Edition
013749601X, 978-0137496013
