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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?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91228443

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