An obligation of $10 000 is due one year from now with interest at 10% compounded semi-annually.

Question:

An obligation of $10 000 is due one year from now with interest at 10% compounded semi-annually. The obligation is to be settled by a payment of $6000 in 6 months and a final payment in 15 months. What is the size of the second payment if interest is now 9% compounded monthly?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

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

Question Posted: