On January 1, 1985, Marc has the following two options for repaying a loan:
i. Sixty monthly...
Mathematics, 21.02.2020 23:48 coronaaa7
On January 1, 1985, Marc has the following two options for repaying a loan:
i. Sixty monthly payments of 100 commencing February 1, 1985.
ii. A single payment of 6000 at the end of K months. Interest is at a nominal annual rate of 12 percent compounded monthly.
The two options have the same present value. Determine K.
Answers: 2
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