Question
2 years ago, you owed the CRA (Canada Revenue Agency) $5,000 in income taxes. You were a full-time student then so CRA agreed that no
2½ years ago, you owed the CRA (Canada Revenue Agency) $5,000 in income taxes. You were a full-time student then so CRA agreed that no payments until today (you have just started working). You pay them $2,000 today and starting in 1 month you will make your first of 6 monthly payments to pay off the remaining balance plus interest. CRA charges 6%, compounded monthly, starting from when the tax was due 2½ years ago.Calculate your monthly payment.
o solve this problem, you will be creating a table with the following format. B/E C/Y I/Y PV PMT FV A=? B-? ype the value of A below.
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Monthly Rate 612 05 FV of 5000 for 25 y...
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Price theory and applications
Authors: Steven E landsburg
8th edition
538746459, 1133008321, 780538746458, 9781133008323, 978-0538746458
