Suppose you borrow $7,800 from a local bank and promise to repay this amount at the end

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Suppose you borrow $7,800 from a local bank and promise to repay this amount at the end of 3 years at the interest rate of 9%, how much would you have to repay (FV)?

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Fundamentals of Financial Management

ISBN: 978-1337395250

15th edition

Authors: Eugene F. Brigham, Joel F. Houston

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Posted Date: Apr 01, 2024 01:44 AM

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Suppose you borrow $7,800 from a local bank and promise to repay this amount at the end

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Expert Answer:

To calculate the future value FV of the loan we can use the formula FV PV 1 ... View the full answer

Fundamentals of Financial Management

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