Question
To pay off a loan, John needs to make a payment of $1,785 in 5 months from now and another payment of $1,965 in 19
To pay off a loan, John needs to make a payment of $1,785 in 5 months from now and another payment of $1,965 in 19 months from now. Instead, John wants to pay off the loan in 21 months from now. Assume the simple interest rate is 11.5% per year.
What is the total amount to pay off in 21 months from now?
Round the final answer to 2 decimals.
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
7th edition
978-0133856507, 013385650X, 133856437, 978-0133856439
