The total interest paid was $3,455,854.51. The quarterly installments were $181,861.82. The value of the loan was
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The total interest paid was $3,455,854.51. The quarterly installments were $181,861.82. The value of the loan was $2,000,000. The interest rate is not known, but you do know the straightforward formula for calculating interest valued in present value annuities. Therefore, in how many years was this loan repaid?
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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