Jackie just turned 16 and wants to buy a carnow! Problem is, she has no...
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Jackie just turned 16 and wants to buy a carnow! Problem is, she has no money. She does have a $6000 inheritance that she can cash in in two years, when she turns 18. She wants to borrow against that inheritance from her dad and offers to pay the entire loan back in a single payment when she turns 18. Her dad agrees to lend her the present value of the $6000 that she will pay back in two years, and he will charge a token interest rate of 1.5% a year compounded yearly. How much should dad spot Jackie to buy the car?
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