Alexa takes out a loan of 94,000 at an annual effective discount rate of 6%. The loan is to be repaid with annual payments of 10,000. The first payment is due 4 years after the loan is taken out. Calculate the amount of the drop payment. Select an answer and submit. For keyboard navigation, use the upidown arrow keys to select an answer.
Alexa takes out a loan of 94,000 at an annual effective discount rate of 6%. The loan is to be repaid with annual payments of 10,000. The first payment is due 4 years after the loan is taken out. Calculate the amount of the drop payment. Select an answer and submit. For keyboard navigation, use the upidown arrow keys to select an answer.
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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Transcribed Image Text:Alexa takes out a loan of 94,000 at an annual effective discount rate of 6%.
The loan is to be repaid with annual payments of 10,000.
The first payment is due 4 years after the loan is taken out.
Calculate the amount of the drop payment.
Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answwer.
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