A boy borrows 25000 from father. His father lends him money, on the condition that he would be repaid within years only. The boy gives 500 to his father every month the first year. In the second year, how much should he his father every month to fully return his borrowed Ley? Use an interest rate of 5.2% per year, compounded ly. Use 360 days = 1 year.
A boy borrows 25000 from father. His father lends him money, on the condition that he would be repaid within years only. The boy gives 500 to his father every month the first year. In the second year, how much should he his father every month to fully return his borrowed Ley? Use an interest rate of 5.2% per year, compounded ly. Use 360 days = 1 year.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:3. A boy borrows 25000 from father. His father lends him
the money, on the condition that he would be repaid within
two years only. The boy gives 500 to his father every month
for the first year. In the second year, how much should he
pay his father every month to fully return his borrowed
money? Use an interest rate of 5.2% per year, compounded
daily. Use 360 days 1 year.
=
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