Financial accounting If the amount payable in three years is $3,630 for a simple loan at10% interest, what is the loan amount (present value)?A. $2,500B. $3,000C. $2,750D. $2,250

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Answered: If the amount payable in three years is…

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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If the amount payable in three years is $3,630 for a simple loan at 10% interest, what is the loan amount (present value)? A. $2,500 B. $3,000 C. $2,750 D. $2,250