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.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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