Johnson takes a loan of RM600,000 from a bank. The bank charges an interest rate of 6.6%per annum compounded monthly. He agrees to repay his loan by making two equal payments at the end of the third year and the fifth year. Question Find the repayment amount
Johnson takes a loan of RM600,000 from a bank. The bank charges an interest rate of 6.6%per annum compounded monthly. He agrees to repay his loan by making two equal payments at the end of the third year and the fifth year. Question Find the repayment amount
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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Johnson takes a loan of RM600,000 from a bank. The bank charges an interest rate of 6.6%per annum compounded monthly. He agrees to repay his loan by making two equal payments at the end of the third year and the fifth year.
Question
Find the repayment amount.
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