Question
Raquel initially borrowed $7,100 from Tangerine Bank at 3.12% compounded quarterly. After 3 years she repaid $3,408, then 5 years after the $7,100 was initially
Raquel initially borrowed $7,100 from Tangerine Bank at 3.12% compounded quarterly. After 3 years she repaid $3,408, then 5 years after the $7,100 was initially borrowed she repaid $2,485. If she pays off the debt 9 years after the $7,100 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 3 years = $ (enter a positive value) Amount owed after the first payment of $3,408 (enter a positive value): $
P/Y = C/Y = N = I/Y = % PV = $ PMT = $ FV = $
Amount owed after 5 years = $ (enter a positive value)
quiz 2 question 2
Amount owed after the second payment of $2,485 (enter a positive value): $
P/Y = C/Y = N = I/Y = % PV = $ PMT = $ FV = $ Final payment (after 9 years); (enter a positive value) $
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