When should he make the first payment

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Problem

Dax borrows $365247.02 and the loan is governed by compound interest at an annual effective interest rate of 4.39%. Dax agrees to repay the loan by 15 equally spaced payments, the first 6 of which are for $25000 and the next 9 of which are for $43000. Get the instant assignment help. When should he make the first payment?

Reference no: EM133909331

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