On January 1, 2011, Bethany took a $17000 loan from Silent Bob. On January 1, 2013,...
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On January 1, 2011, Bethany took a $17000 loan from Silent Bob. On January 1, 2013, she repaid $6000; on January 1, 2016, she repaid an amount K; and on January 1, 2018, her outstanding balance owing to Silent Bob was $5661. Suppose that the loan is made at an effective annual interest rate of 5%. (a) Find the equation of value relative to January 1, 2011. (b) Find the equation of value relative to January 1, 2016. (c) Find K. On January 1, 2011, Bethany took a $17000 loan from Silent Bob. On January 1, 2013, she repaid $6000; on January 1, 2016, she repaid an amount K; and on January 1, 2018, her outstanding balance owing to Silent Bob was $5661. Suppose that the loan is made at an effective annual interest rate of 5%. (a) Find the equation of value relative to January 1, 2011. (b) Find the equation of value relative to January 1, 2016. (c) Find K.
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a Find the equation of value relative to January 1 2011 ANS WER V t 17 000 1 05 t 6000 1 05 2 K 1 05 ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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