Question: QUESTIONS (Show Work, including Timeline for this Quantitative Question) You are thinking about buying a piece of art that costs $50,000. The art dealer is
QUESTIONS (Show Work, including Timeline for this Quantitative Question) You are thinking about buying a piece of art that costs $50,000. The art dealer is proposing the following deat: He will lend you the money, and you will repay the loan by making the same payment every two years for the next 20 year (le, a total of 10 payments). If the interest rate is 4.5% per year (compounded annually), how much will you have to pay every two years? (Round to 2 decimal places.)
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