This is probably an easy one but I have racked my brain trying to figure it out and am stumped.
A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7¼%. Use the loan date as the focal date.
Thank you in advance for any help.
A $9000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7¼%. Use the loan date as the focal date.
Thank you in advance for any help.
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