You have taken a 9-year loan from Southpac Bank to buy a motorbike and have to...
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You have taken a 9-year loan from Southpac Bank to buy a motorbike and have to make quarterly payments of $574 with the first payment due in 3 months. What is the size of the loan today at a discount rate of 11.4% APR? $ (Give answer to 2 decimal places) You have taken a 9-year loan from Southpac Bank to buy a motorbike and have to make quarterly payments of $574 with the first payment due in 3 months. What is the size of the loan today at a discount rate of 11.4% APR? $ (Give answer to 2 decimal places)
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First we need to convert the discount rate to a quarterly rate by divi... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
Posted Date:
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