Question
A demand loan of$8000 is repaid by payments of$3000 after fifteenmonths, $4000 after thirtymonths, and a final payment after four years. If interest was8% for
A demand loan of$8000 is repaid by payments of$3000 after fifteenmonths, $4000 after thirtymonths, and a final payment after four years. If interest was8% for the first two years and9% for the remainingtime, and compounding isquarterly, what is the size of the finalpayment?
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Managerial Accounting A Focus on Ethical Decision Making
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
5th edition
978-0324663853
