Charlie borrowed $148000 today. The interest rate on the loan is
j1=4% for the first 5 years, then it changes to j1=8.9% thereafter.
To repay the loan, Charlie makes yearly payments of R dollars (in
the end of year) from year 3 to year 11. What is R?
Charlie borrowed $148000 today. The interest rate on the loan is j1=4% for the first 5 years, then it changes to j1=8.9%
-
answerhappygod
- Site Admin
- Posts: 899604
- Joined: Mon Aug 02, 2021 8:13 am
Charlie borrowed $148000 today. The interest rate on the loan is j1=4% for the first 5 years, then it changes to j1=8.9%
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!