Question
You owe your parents $10,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 3 years from
You owe your parents $10,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 3 years from today and the other in 6 years from today. If the interest rate is 6.5% per annum compounding monthly, what will be the amount of each repayment?
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Advanced Financial Accounting
Authors: Thomas H. Beechy, V. Umashanker Trivedi, Kenneth E. MacAulay
7th edition
132928930, 978-0132928939
