You borrow ksh 1,000,000 from a bank for 5 years at 10% compound interest .The loan is repayable in 7 equal instalments payable at the begining of each year.what is the annual installment to repay the loan in 7 years

You borrow ksh 1,000,000 from a bank for 5 years at 10% compound interest .The loan is repayable in 7 equal instalments payable at the begining of each year.what is the annual installment to repay the loan in 7 years

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 9P

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