Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter6: Saving And Investing
Section6.1: Why Save?
Problem 6R
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Question
You borrowed $5,000 to finance your educational expenses at the beginning of your junior year of college at an interest rate of 8% compounded annually. You are required to pay off the loan with five equal annual installments, but the first payment will be deferred until your graduation. Determine the value of C, the amount of annual payments.
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