A debt of $7311.92 is repaid by payments of $1795.22 in 8months ,$1002.19 in 17months, and a final payment in23months. If interest was8%compoundedsemi-annually, what was the amount of the final payment? The final payment is $nothing. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
A debt of $7311.92 is repaid by payments of $1795.22 in 8months ,$1002.19 in 17months, and a final payment in23months. If interest was8%compoundedsemi-annually, what was the amount of the final payment? The final payment is $nothing. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A debt of $7311.92 is repaid by payments of $1795.22 in 8months ,$1002.19 in 17months, and a final payment in23months. If interest was8%compoundedsemi-annually,
what was the amount of the final payment?
The final payment is
$nothing.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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