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ents plus the interest on the remaining loan. What was the amount of the loan? What was the amount of the first payment? What was the amount of the final payment?

ents plus the interest on the remaining loan. What was the amount of the loan? What was the amount of the first payment? What was the amount of the final payment?

Essentials Of Investments
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) $151200

B)50803.2

will pay off the balance in four equal pay- ments plus the interest on the remaining loan. a. What was the amount of the loan? b. What was the amount of the first payment? c. What was the amount of the final payment?
Transcribed Image Text:will pay off the balance in four equal pay- ments plus the interest on the remaining loan. a. What was the amount of the loan? b. What was the amount of the first payment? c. What was the amount of the final payment?
Mary Lou purchased a new combine that cost $160,000. She traded her old combine and received $8,800, which she used as a down payment. She took out a loan for the remain- der of the cost at 8.6 percent over 4 years. She
Transcribed Image Text:Mary Lou purchased a new combine that cost $160,000. She traded her old combine and received $8,800, which she used as a down payment. She took out a loan for the remain- der of the cost at 8.6 percent over 4 years. She
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