Joan bomowed $16,000 00 to buy a car. She repaid $3800 00 two months later and $7400 00 six months later. After twelve months, she bomowed an additional $5100.00, and repaid $4400.00 after 14 months She paid the entire balance, including the interest, after 24 months Interest was 8% compounded monthly for the first year and 8.3% compounded monthly for the remaining time. What was the size of the final payment? CD The final payment (Round the final answer to the nearest cent as needed Round intermediate values to six decimal places as needed)
Joan bomowed $16,000 00 to buy a car. She repaid $3800 00 two months later and $7400 00 six months later. After twelve months, she bomowed an additional $5100.00, and repaid $4400.00 after 14 months She paid the entire balance, including the interest, after 24 months Interest was 8% compounded monthly for the first year and 8.3% compounded monthly for the remaining time. What was the size of the final payment? CD The final payment (Round the final answer to the nearest cent as needed Round 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
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Joan borrowed $16,000.00 to buy a car. She repaid $3800 00 two months later and $7400 00 six months later. After twelve months, she borrowed an additional $5100 00, and repaid $4400.00 after
14 months She paid the entire balance, including the interest, after 24 months. Interest was 8% compounded monthly for the first year and 8.3% compounded monthly for the remaining time. What
was the size of the final payment?
CIND
The final payment is
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
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