FINANCIAL MATH QUESTION 1 The loan of $ 20,000, received at 9% annual interest, is repaid...

FINANCIAL MATH

QUESTION 1

The loan of $ 20,000, received at 9% annual interest, is repaid as follows:

(a) after 2 months $ 5,000,

(b) after 5 months, the amount X,

How much to pay after 5 months? Interest is calculated on the balance of the debt. Time calculation method "30/360".

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Expert Solution

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jeff jeffy answered 1 year ago

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