Crysta just borrowed $59,000.00. She plans to repay this loan by making a special payment of $9,900.00 in 3 years and by making regular annual payments of $7,069.15 per year until the loan is paid off. If the interest rate on the loan is 11.88 percent per year and she makes her first regular annual payment of $7,069.15 immediately, then how many regular annual payments of $7,069.15 must Crysta m
Crysta just borrowed $59,000.00. She plans to repay this loan by making a special payment of $9,900.00 in 3 years and by making regular annual payments of $7,069.15 per year until the loan is paid off. If the interest rate on the loan is 11.88 percent per year and she makes her first regular annual payment of $7,069.15 immediately, then how many regular annual payments of $7,069.15 must Crysta m
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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Crysta just borrowed $59,000.00. She plans to repay this loan by making a special payment of $9,900.00 in 3 years and by making regular annual payments of $7,069.15 per year until the loan is paid off. If the interest rate on the loan is 11.88 percent per year and she makes her first regular annual payment of $7,069.15 immediately, then how many regular annual payments of $7,069.15 must Crysta make?
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