A loan of $4000 at 7.5% compounded monthly requires three payments of $1000 at 6, 12, and

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A loan of $4000 at 7.5% compounded monthly requires three payments of $1000 at 6, 12, and 18 months after the date of the loan, and a final payment of the full balance after two years. What is the amount of the final payment?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:21 AM

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A loan of $4000 at 7.5% compounded monthly requires three payments of $1000 at 6, 12, and

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Balance after the first payment PV1 i n 1000 40...View the full answer

Business Mathematics In Canada

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