Question
You take out a bank loan for $28,037 today. You need to pay the loan back over the next 18 years with 18 equal payments,
You take out a bank loan for $28,037 today. You need to pay the loan back over the next 18 years with 18 equal payments, starting next year. If the interest rate on the loan is 4.17% APR compounded annually, how big are the payments?
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Financial Management Principles And Practice
Authors: Timothy Gallagher
6th Edition
1930789157, 978-1930789159
