much should Jackie pay today?

Elements Of Electromagnetics
7th Edition
ISBN:9780190698614
Author:Sadiku, Matthew N. O.
Publisher:Sadiku, Matthew N. O.
ChapterMA: Math Assessment
Section: Chapter Questions
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Jackie has been making equal annual payments of $2500 to pay off a college loan. He has 4 payments
remaining and he wishes to pay off the account as one lumped payment. If the interest rate is 5%, how
much should Jackie pay today?
A $8,865
B) $10,866
C) $6,866
D $9,865
Transcribed Image Text:Jackie has been making equal annual payments of $2500 to pay off a college loan. He has 4 payments remaining and he wishes to pay off the account as one lumped payment. If the interest rate is 5%, how much should Jackie pay today? A $8,865 B) $10,866 C) $6,866 D $9,865
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