A person borrows $45000 at an interest rate of 12% per year. It is desired to repay the loan in 12 payments, with the first payment 3 years from now. If the payments are to decrease by $150 each time, determine the size of the fifth payment. Accurate, clear and urgent solution is required. i will like your answer.

A person borrows $45000 at an interest rate of 12% per year. It is desired to repay the loan in 12 payments, with the first payment 3 years from now. If the payments are to decrease by $150 each time, determine the size of the fifth payment. Accurate, clear and urgent solution is required. i will like your answer.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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