A loan of $5000 taken out today is to be repaid by a payment of $2000 in

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A loan of $5000 taken out today is to be repaid by a payment of $2000 in nine months, a payment of $2500 in two years, and a final payment of $1200. If interest is 9% compounded monthly, when should the final payment be made?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

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

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Question Posted: Sep 21, 2024 05:20 AM

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A loan of $5000 taken out today is to be repaid by a payment of $2000 in

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Letthe focal date be now I Y 9 P Y 12 i 912 075 00075 500000 20000010075 9 25000010075 ...View the full answer

Contemporary Business Mathematics with Canadian Applications

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