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Calculate the monthly repayment at the end of each month

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Question -

a) Congratulations! You have won a lottery! Would you rather have $2 million at the end of each of the next 20 years or $20 million today? Why? Assume an 8% per year discount rate.

b) You borrowed $15,000 today for 48 months at 12% per year to purchase a car. Calculate the monthly repayment at the end of each month.

Reference no: EM133111380

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