Question
1. When Robin borrowed $1869.00, she agreed to repay the loan in two equal payments, to be made 50 days and 70 days from the
1. When Robin borrowed $1869.00, she agreed to repay the loan in two equal payments, to be made 50 days and 70 days from the day the money was borrowed. If interest is 6% on the loan, what is the size of the equal payments if a focal date of today is used?
-The value of the equal payments is_________
2. When Robin borrowed $1057.00, she agreed to repay the loan in two equal payments, to be made 40 days and 70 days from the day the money was borrowed. If interest is 6% on the loan, what is the size of the equal payments if a focal date of today is used?
-The value of the equal payments is__________
3. The annual Exercise Club membership fees of $1250 are due on September 18, 2018. Club management offers a reduction of membership fees of 17.3% p.a. to members who pay the dues by November 22, 2017. How much must a member pay on November 22, 2017, if she chooses to take advantage of the club management's offer?
-She must pay________
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