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A debt of $5000 due four years from now and $5000 due nine years from now is to be repaid by a payment of $2400
A debt of $5000 due four years from now and $5000 due nine years from now is to be repaid by a payment of $2400 in one year, a payment of $4800 in three years, and a final payment at the end of five years. If the interest rate is 1.2% compounded annually, how much is the final payment?
The final payment should be $ (Do not round until the final answer. Then round to the nearest cent as needed.)Step by Step Solution
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