Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A variable rate demand loan showed an initial balance of $9000.00, payments of $4000.00 after six months, $4000.00 after 21 months, and a final payment

A variable rate demand loan showed an initial balance of $9000.00, payments of $4000.00 after six months, $4000.00 after 21 months, and a final payment after four years. Interest was 8% compounded quarterly for the first 21 months and 7.65% compounded monthly for the remaining time.

What was the size of the final payment? Round the final answer to the nearest cent as needed.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Management Core Concepts

Authors: Raymond M Brooks

2nd edition

132671034, 978-0132671033

More Books

Students also viewed these Finance questions