Joe obtains a car loan of $5,000 on Jan 1, 1994, from Wheel Co. to be paid
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Joe obtains a car loan of $5,000 on Jan 1, 1994, from Wheel Co. to be paid in 36 monthly installments at a 12% nominal interest rate compounded monthly. The first payment is due in one month. After the 14th payment, Wheel Co. sells the remainder of the loan to another company for a price that will yield Wheel Co. a 10% effective annual yield. Determine the price the new company will pay for the loan.?
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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