Answer:
Explanation:
We are told that the equation is for a 3 year debt, which is also the period over which the . This means that we can use the equation.
(I/175.393) + 0.663 = r
We are given r = 23.6%
Plugging this vakue in for r gives;
l/175.393 + 0.663 = 23.6
l/175.393 = 23.6 - 0.663
l/175.393 = 22.937
I = 175.393 x 22.937
I = $4022.99, which is approximately
$ 4023