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gewusel gewusel
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6 years ago
You borrowed $1700.00 at 12.36% p.a. compounded monthly, and repaid $800.00 after three years and $950.00 after five years. How much do you owe at the end of the nine years?
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Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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#1
6 years ago
After 3 years:    PV = 1700.00; i = .0103; n = 36
   FV = 1700.00(1 + .0103)36 = 1700.00(1.4461789) = 2458.45
After 3 years:    PV = 2458.45 - 800.00 = 1658.45; n = 24
After 5 years   FV = 1658.45(1 + .0103)24 = 1658.45(1.2788172) = 2120.85
After 5 years:    PV = 2120.85 - 950.00 = 1170.85; n = 48
   FV = 1170.85(1 + .0103)48 = 1170.85(1.6353735) = 1914.78
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