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)

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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