Author Question: A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded ... (Read 152 times)

formula1 · **on:** Jun 6, 2019

Question 1

Three debt payments, the first in the amount of $1600.00 due today, the second in the amount of $7200.00 due in 15 months and the third in the amount of $5000 due in 24 months, are to be settled by two equal payments nine months from now and a final payment in 21 months. Determine the size of the equal payments if the money is worth 12.12% p.a. compounded monthly.
◦ $6900.00
◦ $6415.26
◦ $6801.60
◦ $13 800.00
◦ $12 830.51

Question 2

A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded quarterly, how long was the loan taken out? (Give answer in years and months to the nearest tenth.)

karlss · **Reply #1 on:** Jun 6, 2019

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