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i got some of the answers wrong.please help me out in correcting those options. Wendy initially borrowed 57,600 from CIBC Bank at 3.48% compounded quarterly.
i got some of the answers wrong.please help me out in correcting those options.
Wendy initially borrowed 57,600 from CIBC Bank at 3.48% compounded quarterly. After 2 years she repaid $2,356, then 5 years after the $7,600 was initially borrowed she repaid 53,040. If she pays off the debt 11 years after the $7,600 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary PAY = 4 CV=4 N- VY = 3.48 PV-5-7600 PMT ESO FV = 5 8145.35016 Amount owed after 2 years = $ 8145 35016 (enter a positive value) Amount owed after the first payment of $2.356 (enter a positive value): S 5789.36016 N-20 CY-4 P/Y = 4 1/Y = 3.48 N PV = -5789.35016 PMT=80 FV-56004 465606 X Amount owed after 5 years = 56884465606 x (enter a positive value) Amount owed after 2 years = $ 8145.35016 (enter a positive value) Amount owed after the first payment of $2,356 (enter a positive value): $ 5789.35016 P/Y = 4 C/Y = N=4 N = 20 I/Y = 3.48 PV = $ -5789.35016 PMT = $0 FV = $ 6884.465606 X Amount owed after 5 years = $ 6884.465606 x (enter a positive value) Amount owed after the second payment of $3,040 (enter a positive value): $ 3844.465606 x P/Y = 4 C/N = 4 7 N=44 x 1/Y = 3.48 v% PV = $ -3844 465600X PMT = $10 FV = $ 5628.140056 X Final payment (after 11 years); (enter a positive value) $ 5628. 140056 xStep by Step Solution
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