Joan borrowed $20,000.00 to buy a car. She repaid $4800.00 three months later and $9000.00 eight months later. After twelve months, she borrowed an additional $7000.00, and repaid $5800.00 after 15 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? XXX The final payment is (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Joan borrowed $20,000.00 to buy a car. She repaid $4800.00 three months later and $9000.00 eight months later. After twelve months, she borrowed an additional $7000.00, and repaid $5800.00 after 15 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? XXX The final payment is (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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Transcribed Image Text:Joan borrowed $20,000.00 to buy a car. She repaid $4800.00 three months later and $9000.00 eight months later. After
twelve months, she borrowed an additional $7000.00, and repaid $5800.00 after 15 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?
The final payment is $.
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Gra
se
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