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Mr. Bolen needed P27,000 as a down payment on a new Tesla car. He borrov noney from his insurance company and must repay the loan in equal payments every six months over the next eight ye The nominal interest rate being charge 7% compounded continuously. What is amount of egch payment?

Mr. Bolen needed P27,000 as a down payment on a new Tesla car. He borrov noney from his insurance company and must repay the loan in equal payments every six months over the next eight ye The nominal interest rate being charge 7% compounded continuously. What is amount of egch 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
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Mr. Bolen needed P27,000 as a down payment on a new Tesla car. He borrowed money from his insurance company and must repay the loan in equal payments every six months over the next eight years. The nominal interest rate being charged is 7% compounded continuously. What is the amount of each payment?
Transcribed Image Text:Mr. Bolen needed P27,000 as a down payment on a new Tesla car. He borrowed money from his insurance company and must repay the loan in equal payments every six months over the next eight years. The nominal interest rate being charged is 7% compounded continuously. What is the amount of each payment?
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