A demand loan of $4000.004000.00 is repaid by payments of $1500.001500.00 after twotwo years, $1500.001500.00 after...
A demand loan of
$4000.004000.00
is repaid by payments of
$1500.001500.00
after
twotwo
years,
$1500.001500.00
after
fourfour
years, and a final payment after
sixsix
years. Interest is
77%
compounded
quarterlyquarterly
for the first
twotwo
years,
88%
compounded
monthlymonthly
for the next
twotwo
years, and
88%
compounded
quarterlyquarterly
thereafter. What is the size of the final payment?
Homework Answers
Final payment = 2496.46
| End of year | Opening loan | Payment | Balance due |
| 0 | 4000 | ||
| 2 | $4,595.53 | 1500 | $3,095.53 |
| 4 | $3,630.71 | 1500 | $2,130.71 |
| 6 | $2,496.46 |
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