Justin loaned Leroy $8000 at 4.5% compounded semi-annually for sixteen months. Leroy agrees to pay $2000 in

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Justin loaned Leroy $8000 at 4.5% compounded semi-annually for sixteen months. Leroy agrees to pay $2000 in one year and the balance in two years. If money is worth 4.10% compounded quarterly, calculate the payment two years from now that will reduce the debt to zero.

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Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

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