Question
To borrow $2,200, you are offered an add-on interest loan at 5 percent. Three loan payments are to be made, one at four months, another
To borrow $2,200, you are offered an add-on interest loan at 5 percent. Three loan payments are to be made, one at four months, another at eight months, and the last one at the end of the year. Compute the three equal payments. (Round your answer to 2 decimal places.)
Three equal payments = ?
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, William J. Kretlow
11th Edition
0324653506, 978-0324653502
