Question
A variable rate demand loan showed an initial balance of $9000, payments of $2500 after 6 months, $2500 after 21 months, and a final payment
A variable rate demand loan showed an initial balance of $9000, payments of $2500 after 6 months, $2500 after 21 months, and a final payment after 4 years. Interest was 8% compounded quarterly for the first 21 months and 7.75% compounded monthly for the remaining time. What is the size of the final payment?
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Statistical Inference
Authors: George Casella, Roger L. Berger
2nd edition
0534243126, 978-0534243128
