47sniper
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Just a question, with the present value formula, when it says someone borrows a certain amount at a 'reducible interest rate', what does that mean for the formula? am i supposed to do something different from normal? in the excel book this is the question:
Janina borrows 25000 at a reducible interest rate of 16% and pays it off over a period of 15 years. find:
1) the amount of each yearly installment
in the book, the working out doesn't show any differences in the way they work out a normal interest rate... im confused
help?
Janina borrows 25000 at a reducible interest rate of 16% and pays it off over a period of 15 years. find:
1) the amount of each yearly installment
in the book, the working out doesn't show any differences in the way they work out a normal interest rate... im confused
help?