Question
Isaac borrowed $3,200 at 10.7% compounded quarterly 3.5 years ago. One year ago he made a payment of $1,400. What amount will extinguish the loan
Isaac borrowed $3,200 at 10.7% compounded quarterly 3.5 years ago. One year ago he made a payment of $1,400. What amount will extinguish the loan today? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Balance owed today $
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Solution Compound interest of 25 years 107 pa 3200...
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
11th edition
134141083, 978-0134141084
