your wealthy great aunt is going to help you finance the purchase of your first condo. She will lend you $80,000 today. You agree to pay her 5 equally sized payments. The first payment will be 1 year from today, and 4 more payments will follow every 3 years (so payments at the end of years 1, 4, 7, 10, and 13). If the interest rate she charges is 2.00% per year, how much will each payment be?

your wealthy great aunt is going to help you finance the purchase of your first condo. She will lend you $80,000 today. You agree to pay her 5 equally sized payments. The first payment will be 1 year from today, and 4 more payments will follow every 3 years (so payments at the end of years 1, 4, 7, 10, and 13). If the interest rate she charges is 2.00% per year, how much will each payment be?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

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