Question
A debt of $10,000 with interest at 8% compounded quarterly is to be repaid by equal payments at the end of every three months for
A debt of $10,000 with interest at 8% compounded quarterly is to be repaid by equal payments at the end of every three months for two years.
a) Calculate the size of the monthly payments.
b) Calculate the outstanding balance after three payments.
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
11th International Edition
1259094901, 9781259094903
