Loan payments of $2,750 due 96 days ago and $3,100 due today are scheduled to be repaid with a payment of $3,620 in 33 days and the balance in 129 days. If money earns 6% p.a. simple interest, what is the size of the final payment? Use 129 days from today as the focal date.

Loan payments of $2,750 due 96 days ago and $3,100 due today are scheduled to be repaid with a payment of $3,620 in 33 days and the balance in 129 days. If money earns 6% p.a. simple interest, what is the size of the final payment? Use 129 days from today as the focal date.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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