Solutions to Chapter 1

Using a financial calculator, enter: PV = (-)80,000, n = 20 ( 12 = 240 months ... Time Loan balance Year-end interest due Year-end payment Amortization of loan 0 $1,000.00 $80.00 $301.92 $221.92 1 $778.08 $62.25 $301.92 $239.67 2 $538.41 $43.07 $301.92 $258.85 3 $279.56 $22.36 $301.92 $279.56 4 $ 0.00 $ 0.00 -- -- c. PV= ... The rate on debt ... ................
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