Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please give the correct answers its urgent Scheduled loan payments of $242 due in 3 months and $1464 due in 15 months are rescheduled as

image text in transcribed

please give the correct answers its urgent

Scheduled loan payments of $242 due in 3 months and $1464 due in 15 months are rescheduled as a payment of $1394 due in 36 months and a second payment due in 42 months. Determine the size of the second payment if interest is 7.2% compounded annually and the focal date is 42 months from now. The size of the second payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) RX

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

Investing All In One For Dummies

Authors: Eric Tyson

2nd Edition

1119873037, 978-1119873037

More Books

Students also viewed these Finance questions

Question

Review Figure

Answered: 1 week ago