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You have received a $10,000 loan from your bank for 10 years. If the bank charges you 5% interest, how much do you need
You have received a $10,000 loan from your bank for 10 years. If the bank charges you 5% interest, how much do you need pay back to the bank at the end of each year: a. If the loan is a discount loan. b. If the loan is an interest-only loan. c. If the loan is an amortized loan. For the previous question, calculate the total amount of money that you have to pay pack te the bank in each loan payment structure.
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Finance Applications and Theory
Authors: Marcia Cornett, Troy Adair
3rd edition
1259252221, 007786168X, 9781259252228, 978-0077861681
