Fred takes out a loan from C'Ville Bank at a nominal rate of 10.5 percent convertible monthly,

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Fred takes out a loan from C'Ville Bank at a nominal rate of 10.5 percent convertible monthly, and agrees to repay the loan with 36 equal monthly payments, the first due a month after the loan is made. Immediately after making the 13th payment, C'Ville sells the loan to Richmond Bank for 2300 dollars. If Richmond Bank's yield on the loan is 15 percent convertible monthly, how much did Fred originally borrow?

Posted Date: May 19, 2024 07:01 PM

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Fred takes out a loan from C'Ville Bank at a nominal rate of 10.5 percent convertible monthly,

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