Question
You lend a friend $20,000, which your friend will repay in 10 equal annual end-of-year payments of $3,000, with the first payment to be received
You lend a friend $20,000, which your friend will repay in 10 equal annual end-of-year payments of $3,000, with the first payment to be received 1 year from now. What rate of return does your loan receive?
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Focus On Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes, Melissa Hart
6th Edition
125991965X, 978-1259919657
