Question
You owe your parents $18,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 4 years from
You owe your parents $18,000 (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 7 years from today. If the interest rate is 5.7% per annum compounding monthly, what will be the amount of each repayment?
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Get StartedRecommended Textbook for
Analysis for Financial Management
Authors: Robert Higgins
11th edition
77861787, 978-0077861780
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