Question
Your friend will loan you the money you need today if you agree to make payments of $80 a month for the next 12 months.
Your friend will loan you the money you need today if you agree to make payments of $80 a month for the next 12 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 18.00% compounded semi-annually. How much money are you borrowing today?
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Quantitative Financial Analytics The Path To Investment Profits
Authors: Edward E Williams, John A Dobelman
1st Edition
9813224258, 978-9813224254
