You need some money today and the only friend you have that has any is your...
You need some money today and the only friend you have that has any is your miserly friend. He agrees to loan you the money you need, if you make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much money are you borrowing?" $164.09 $168.22 $169.50 $170.68 $171.40 ***please show steps with a financial calculator****
Homework Answers
Since the first payment will be today, this will be annuity due quation.
First we need to set the calculator to annuity due:
2nd BGN 2nd SET 2nd QUIT
I/Y 2
PMT -30
N 6
CPT PV
You should get $171.40
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