Question
You are considering to borrow $15,000 from a bank. For a 1.30% monthly interest rate, your monthly payments (made at the end of the month)
You are considering to borrow $15,000 from a bank. For a 1.30% monthly interest rate, your monthly payments (made at the end of the month) will be $732 for 24 months. If you accept this credit deal, your outstanding loan at the end of the second month will be closest to:
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, William J. Kretlow
11th Edition
0324653506, 978-0324653502
