Suppose you take a loan of $20,000 to start a business. The APR of the loan...
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Suppose you take a loan of $20,000 to start a business. The APR of the loan is 12 percent (interests are compounded monthly). There are no minimum monthly payments for the loan. You are planning to make no payments for the loan until 3 years later when you will repay the loan in full. How much will you need to pay to the bank 3 years from today? Suppose you take a loan of $20,000 to start a business. The APR of the loan is 12 percent (interests are compounded monthly). There are no minimum monthly payments for the loan. You are planning to make no payments for the loan until 3 years later when you will repay the loan in full. How much will you need to pay to the bank 3 years from today?
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Based on the given information assuming the loan has no additio... View the full answer
Related Book For
Statistics For The Life Sciences
ISBN: 9780321989581
5th Edition
Authors: Myra Samuels, Jeffrey Witmer, Andrew Schaffner
Posted Date:
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