A loan of 25,000 is being repaid with annual payments of 2,243 at the end of the year. The interest rate on the loan 7.5%. Calculate the interest in the 5th payment (rounded to nearest tens).
A loan of 25,000 is being repaid with annual payments of 2,243 at the end of the year. The interest rate on the loan 7.5%. Calculate the interest in the 5th payment (rounded to nearest tens).
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 loan of 25,000 is being repaid with annual payments of 2,243 at the end of the year. The interest rate on the loan 7.5%. Calculate the interest in the 5th payment (rounded to nearest tens).
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