Question
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
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?
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
