If the bank wants to earn a 7 percent rate of return on the loan, what should
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If the bank wants to earn a 7 percent rate of return on the loan, what should the payments be? Ignore taxes and default risk. An individual wants to borrow $120,000 from a bank and repay it in six equal annual end-of-year payments, including interest.
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Related Book For
Managerial Economics
ISBN: 978-0133020267
7th edition
Authors: Paul Keat, Philip K Young, Steve Erfle
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