What formula should I use as well? A student loan you took...
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Accounting
What formula should I use as well?
A student loan you took out is due in 3 years and requires repayment of $3,000. To pay off the loan, you set aside money in an account that pays 7% interest. To meet your obligation, how much money do you need to deposit in the account? Enter the following data into your calculator to solve the problem: N = 3 I/YR = 7 PMT = 0 FV = 3,000 Solve for PV
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