Here's the problem,
A $6500 loan at 11.25% compounded monthly is to be repaid by three equal payments due 3, 6, and 12 months after the date of the load. Calculate the size of each payment.
Any help that you could give me would be appreciated. I am not sure where I should be calculating present value and, or future value.
A $6500 loan at 11.25% compounded monthly is to be repaid by three equal payments due 3, 6, and 12 months after the date of the load. Calculate the size of each payment.
Any help that you could give me would be appreciated. I am not sure where I should be calculating present value and, or future value.