Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jane was due to make loan payments of $1894 nine months ago, $4793 three month ago, and $439 in six months. Instead, she is to

image text in transcribed

Jane was due to make loan payments of $1894 nine months ago, $4793 three month ago, and $439 in six months. Instead, she is to make a single payment today. If money is worth 8.9% and the agreed focal date is today, what is the size of the replacement payment? The replacement payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Jane was due to make loan payments of $1894 nine months ago, $4793 three month ago, and $439 in six months. Instead, she is to make a single payment today. If money is worth 8.9% and the agreed focal date is today, what is the size of the replacement payment? The replacement payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places 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

School Finance Elections

Authors: Don E. Lifto, Bradford J. Senden, Daniel A. Domenech

2nd Edition

1607091488, 978-1607091486

More Books

Students also viewed these Finance questions

Question

5. Structure your speech to make it easy to listen to

Answered: 1 week ago

Question

1. Describe the goals of informative speaking

Answered: 1 week ago