Question
To repay a debt, Melanie agreed to pay $1000 on each 1st July from 1st July 2005 to 1st July 2014 inclusive (10 payments). However,
To repay a debt, Melanie agreed to pay $1000 on each 1st July from 1st July 2005 to 1st July 2014 inclusive (10 payments). However, no repayments have been made. What single payment should Melanie pay on 1st July 2016 to repay the whole bet? interest is 6.5% p.a. (effective rate).
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Entrepreneurial Finance
Authors: J. Chris Leach, Ronald W. Melicher
2nd Edition
0324289235, 9780324289237
