A loan of $3100 borrowed today is to be repaid in three equal installments due in two

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A loan of $3100 borrowed today is to be repaid in three equal installments due in two years, three years and five and a half years respectively what is the size of the equal installments if money is worth 5.8% compounded annually?

the payments are each $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Posted Date: May 08, 2024 09:23 PM

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A loan of $3100 borrowed today is to be repaid in three equal installments due in two

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To solve this problem we need to find the present value of the three equal installments usin... View the full answer

Contemporary Business Mathematics with Canadian Applications

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