Question
John owes $3000 in 5 months and another $5000 in 10 months. His payment plan consists of paying $X in 4 months and $4000 in
John owes $3000 in 5 months and another $5000 in 10 months. His payment plan consists of paying $X in 4 months and $4000 in 11 months. These two payments will fully pay off the loan. If the focal date is in 10 months, what is X if the simple interest rate is r = 12%?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Complete Personal Finance Handbook
Authors: Teri B Clark
1st Edition
160138047X, 978-1601380470
