Question
You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 264 (first payment made at
You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 264 (first payment made at t = 1), followed by five annual payments of $ 564 , followed by four annual payments of $ 770 . How much did you borrow?
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Introduction To Finance Markets, Investments, And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
17th Edition
1119561175, 978-1119561170
