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A demand loan of $6000.00 is repaid by payments of $3000.00 after two years, $3000.00 after four years, and a final payment after six years.
A demand loan of
$6000.00
is repaid by payments of
$3000.00
after
two
years,
$3000.00
after
four
years, and a final payment after
six
years. Interest is
7%
compounded
quarterly
for the first
two
years,
8%
compounded
monthly
for the next
two
years, and
8%
compounded
quarterly
thereafter. What is the size of the final payment?
The final payment is
$nothing.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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