You borrow $9,000 and promise to make payments of $2,684.80 at the end of each of the next 5 years.
2)Set up an amortization schedule for a $25,000 loan to be repaid in equal installments at the end of each of the next 5 years. This interest rate is 10%.
3)Sales for Hanebury Corporation's just-ended year were $12 million. Sales were $6 million 5 years earlier.
a) at rate did sales grow
b)Suppose someone calculated the sales growth for Hanebury in part a as follows: “Sales doubled in 5 years. This represents a growth of 100% in 5 years; dividing 100% by 5 results in an estimated growth rate of 20% per year.” Explain what is wrong with this calculation