Question
You have $ 11,000 in debt, which you will need to pay in month-end installments for 15 years. Each month you owe $ 92.82 and
You have $ 11,000 in debt, which you will need to pay in month-end installments for 15 years. Each month you owe $ 92.82 and your creditor charges you a monthly rate of 0.5%. Right after making the payment for the last month of the tenth year, what is the value of the debt?
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Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
16th Edition
0357517571, 978-0357517574
