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If you borrow $46,000 at 9.5% annual compound interest and pay it back with 11 equal annual payments, what will be the size of each payment if the first payment occurs 1 year after borrowing the $46,000? $ Round your answer to 2 decimal places. The tolerance is ±1.

If you borrow $46,000 at 9.5% annual compound interest and pay it back with 11 equal annual payments, what will be the size of each payment if the first payment occurs 1 year after borrowing the $46,000? $ Round your answer to 2 decimal places. The tolerance is ±1.

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
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If you borrow $46,000 at 9.5% annual compound interest and pay it back with 11 equal annual payments, what will be the size of each payment if the first payment occurs 1 year after borrowing the $46,000? $ Round your answer to 2 decimal places. The tolerance is ±1.
Transcribed Image Text:If you borrow $46,000 at 9.5% annual compound interest and pay it back with 11 equal annual payments, what will be the size of each payment if the first payment occurs 1 year after borrowing the $46,000? $ Round your answer to 2 decimal places. The tolerance is ±1.
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