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pay for a new machine tool

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solution


Question

A company 3 years ago borrowed $40,000 to pay for a new machine tool, agreeing to repay the loan in 100monthly payments at an annual nominal intrest rate of 12% compounded monthly. The company now wants to pay off the loan. How much would this payment be, assuming no penalty costs for early payout.

 

Paper#21678 | Written in 18-Jul-2015

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