Question
Leah initially borrowed $8,800 from TD Canada Trust at 3.54% compounded semi-annually. After 4 years she repaid $4,136, then 5 years after the $8,800 was
Leahinitiallyborrowed$8,800from TD Canada Trust at 3.54% compounded semi-annually. After 4 years she repaid $4,136, then 5 yearsafter the $8,800 was initially borrowedshe repaid $3,080. If she pays off the debt 11 yearsafter the $8,800 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.
P/Y =C/Y =N =I/Y =%
PV = $PMT = $FV = $
Amount owed after 4 years = $(enter a positive value)
Amount owed after the first payment of $4,136 (enter apositivevalue): $
P/Y =C/Y =N =I/Y =%
PV = $PMT = $FV = $
Amount owed after 5 years = $(enter a positive value)
Amount owed after the second payment of $3,080 (enter apositivevalue): $
P/Y =C/Y =N =I/Y =%
PV = $PMT = $FV = $
Final payment (after 11 years); (enter apositivevalue) $
Check AnswerQuestion 2
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