Question
You just took out a loan for $25,000 and you have agreed to make payments of $250 at the end of every two weeks. If
You just took out a loan for $25,000 and you have agreed to make payments of $250 at the end of every two weeks. If you are financed at 6.2% compounded monthly, determine the following:
a) How many payments would you need to pay back the loan?
b) How many years and months will it take to pay the loan?
c) What will be the size of the last payment needed to pay the loan?
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Quantitative Analysis For Management
Authors: Barry Render, Ralph M. Stair, Michael E. Hanna
11th Edition
9780132997621, 132149117, 132997622, 978-0132149112
