× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
t
7
m
6
k
6
F
5
j
5
t
5
j
5
G
5
f
5
a
5
d
5
c
5
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
gewusel gewusel
wrote...
Posts: 370
Rep: 0 0
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?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 126 times
1 Reply

Related Topics

Replies
wrote...
#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
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1053 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 11368
  
 321
  
 591
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 378
Previous poll results: Who will win the 2024 president election?