Fred owes $5000 due in three years and $10,000 due in 11 years. Unfortunately, Fred is unable
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Fred owes $5000 due in three years and $10,000 due in 11 years. Unfortunately, Fred is unable to meet the $5000 obligation. By mutual consent with the lender, Fred is allowed to pay off both loans after eight years at 9% compounded annually. (eight years is the focal date.)
How much does Fred pay?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date: