Sarah Adia owes $15,000 now. A lender will carry the debt for three more years at 8

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Sarah Adia owes $15,000 now. A lender will carry the debt for three more years at 8 percent interest. That is, in this particular case, the amount owed will go up by 8 percent per year for three years. The lender then will require that Sarah pay off the loan over the next 5 years at 9 percent interest. What will her annual payment be?

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Foundations of Financial Management

ISBN: 978-1259024979

10th Canadian edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

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