A demand loan of $8000 is repaid by payments of $3000 after 15 months, $4000 after 30

Question:

A demand loan of $8000 is repaid by payments of $3000 after 15 months, $4000 after 30 months, and a final payment after 4 years. If interest was 8% for the first two years and 9% for the remaining time, and compounding is quarterly, what is the size of the final payment?
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: