If the effective annual interest rate is 7 what should be


You loan your friend $10,000 today. She will pay you $1000 per year for the first five years, and will make five more equal yearly payments. If the effective annual interest rate is 7% what should be the size of these payments?

Solution Preview :

Prepared by a verified Expert
Finance Basics: If the effective annual interest rate is 7 what should be
Reference No:- TGS02288766

Now Priced at $10 (50% Discount)

Recommended (94%)

Rated (4.6/5)