Wildcat engineering decides to take a $10,000 interest only lona. The loan is to be paid montly over a two year period. The bank agrees to the loan at 2% above the current prime rate which is 4%. The payment due in the last month is closest to: a.$10,000 b.$10,050 c.$12,000 d.$12,060 e. $14,000 f.$14,070
Wildcat engineering decides to take a $10,000 interest only lona. The loan is to be paid montly over a two year period. The bank agrees to the loan at 2% above the current prime rate which is 4%. The payment due in the last month is closest to: a.$10,000 b.$10,050 c.$12,000 d.$12,060 e. $14,000 f.$14,070
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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Wildcat engineering decides to take a $10,000 interest only lona. The loan is to be paid montly over a two year period. The bank agrees to the loan at 2% above the current prime rate which is 4%. The payment due in the last month is closest to:
a.$10,000
b.$10,050
c.$12,000
d.$12,060
e. $14,000
f.$14,070
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