Question
Your friend will loan you the money you need today if you agree to make payments of $60 a month for the next 8 months.
Your friend will loan you the money you need today if you agree to make payments of $60 a month for the next 8 months. The friend requires that the first payment be made today (i.e. immediately after the loan amount is disbursed). The friend charges you interest at 16.00% compounded semi-annually. How much money are you borrowing today?
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
13th edition
132743469, 978-0132743464
