Krista borrowed $17,838. The loan is to be repaid by three equal payments due in 83, 167, and 283 days from now respectively. Determine the size of the equal payments at an interest rate of 8% with a focal date of today.

Krista borrowed $17,838. The loan is to be repaid by three equal payments due in 83, 167, and 283 days from now respectively. Determine the size of the equal payments at an interest rate of 8% with a focal date of today.

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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Question

Krista borrowed $17,838. The loan is to be repaid by three equal payments due in 83, 167, and 283
days from now respectively. Determine the size of the equal payments at an interest rate of 8% with a
focal date of today.

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