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Author Question: A loan of $8000.00 taken out two years ago is to be repaid by three equal installments due now, ... (Read 896 times)

WhattoUnderstand

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on: Jun 6, 2019

Question 1

Debt payments of $1400.00 due today, $5100.00 due in twenty-one months, and $1900.00 due in 4.5 years are to be combined into a single payment due three years from now. What is the size of the single payment if interest is 8.04% p.a. compounded quarterly?

Question 2

A loan of $8000.00 taken out two years ago is to be repaid by three equal installments due now, three years from now, and six years from now respectively. What is the size of the equal installments if interest on the debt is 7.32% p.a. compounded monthly?
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
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Marked as best answer by WhattoUnderstand on Jun 6, 2019

meganlapinski

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Reply #1 on: Jun 6, 2019
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A00074291

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Reply #2 on: Dec 11, 2019
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