How much did his toy car really cost him

Reference no: EM13688762

Joey lends Dave $150 for a toy car. Joey will accept weekly payments of interest only (at the end of each week), at nominal yearly interest rate 6%, as long as the original balance of the loan will be paid off in a year. How much will Dave have to pay each week if he can invest money with nominal yearly rate 4% compounding weekly? Including interest, how much did his toy car really cost him?

Reference no: EM13688762

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Suitable interest rate : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..

How much did his toy car really cost him : Joey lends Dave $150 for a toy car. Joey will accept weekly payments of interest only (at the end of each week), at nominal yearly interest rate 6%, as long as the original balance of the loan will be paid off in a year.

Decided to engage in contractionary monetary policy : Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 ..

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