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A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16 equal monthly payments, the first of them in the third month worth $350,000. If the agreed interest rate for this operation is 30% NM, what is the value of the credit?   a. $6.061.433,89 b. $6.257.556,08 c. $6.553.256,08

A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16 equal monthly payments, the first of them in the third month worth $350,000. If the agreed interest rate for this operation is 30% NM, what is the value of the credit?   a. $6.061.433,89 b. $6.257.556,08 c. $6.553.256,08

Essentials Of Investments
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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A credit is paid as follows: a down payment corresponding to 30% of the value of the credit, 16 equal monthly payments, the first of them in the third month worth $350,000. If the agreed interest rate for this operation is 30% NM, what is the value of the credit?

 
a. $6.061.433,89
b. $6.257.556,08
c. $6.553.256,08 
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