A loan of $7000 taken out two years ago is to be repaid by three equal installments

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A loan of $7000 taken out two years ago is to be repaid by three equal installments due now, two years from now, and three years from now. What is the size of the equal installments if interest on the debt is 12% p.a. compounded monthly?

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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 05:19 AM

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A loan of $7000 taken out two years ago is to be repaid by three equal installments

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Contemporary Business Mathematics with Canadian Applications

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