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Home Q & A Board Science-Related Homework Help Mathematics
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cheesyboots cheesyboots
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A year ago
A loan of $10,000 is being taken out today. The interest rate is 9% compounded monthly. Equal payments are to be made two and five years from now. After the second payment is made in five years there will be a balance of $3,000 still owing on the loan. Calculate the size of the two equal payments.

▸ $4,790.21

▸ $5,482.35

▸ $5,692.38

▸ $6,014.19

▸ $4,747.27
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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KimbletonKimbleton
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A year ago
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cheesyboots Author
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A year ago
Brilliant ツ
gma_of_7
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Yesterday
Smart ... Thanks!
GeorgeNeist
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2 hours ago
Thanks for your help!!
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