A debt of $4033 with interest at 8.91% compounded monthly is to be repaid by equal payments at the end of each month for 5years.What is the principal repaid (PRN) in the first payment?PMTINTPaymentNumber10Answer:PRN?BAL4033

Given:Debt4033Interest rate8.91%Years5

Answered: A debt of $4033 with interest at 8.91%…

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

Problem 1PS

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A debt of $4033 with interest at 8.91% compounded monthly is to be repaid by equal payments at the end of each month for 5 years. What is the principal repaid (PRN) in the first payment? PMT INT Payment Number 0 Answer: PRN ? BAL 4033