Question
You owe your parents $13,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 4 years from
You owe your parents $13,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 4 years from today and the other in 6 years from today. If the interest rate is 12.4% per annum compounding monthly, what will be the amount of each repayment?
a. $11954
b. $21294
c. $27253
d. $20750
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Personal Finance
Authors: Jack Kapoor, Les R. Dlabay, Robert J. Hughes
2nd Edition
0256079056, 9780256079050
