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# You borrow $4750 at a rate of 6.72% compounded monthly. You make a partial payment of$1400 in 3 ...

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Posts: 357
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5 years ago
You borrow $4750 at a rate of 6.72% compounded monthly. You make a partial payment of$1400 in 3 months. You also agree to make two equal payments 3 and 5 months after the partial payment. What is the size of the equal payments? Use a focal date of 8 months.
A) $1573.84 B)$1754.02
C) $1735.84 D)$1784.35
E) \$1788.02
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AxyAxy
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Posts: 348
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5 years ago

### Related Topics

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Educator
2 months ago
 Actually, it looks like option (c) is also wrong. It was probably written incorrectly by the post author. The 35 should be 53. Attached file Thumbnail(s): You must login or register to gain access to this attachment.
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