For the loan of problem 4, assume that my lender wanted an up - front fee of
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For the loan of problem 4, assume that my lender wanted an up - front fee of $250 to set up the loan. I want the lender to fold this fee into the loan. First, repeat problem 4 showing this up - front fee as additional principal. Second, return the loan to the original principal but show the effective interest rate due to the higher payments.
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Related Book For
Understanding The Mathematics Of Personal Finance An Introduction To Financial Literacy
ISBN: 9780470497807
1st Edition
Authors: Lawrence N. Dworsky
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