On 1 February 2016, Alexander owed three debts: a $3,000 note dated on 1 February 2014, and due (10 marks) on 1 August 2021 with interest at 4% compounded quarterly; $4,000 due on 1 February 2019, without interest; and $3,000 due without interest on 1 February 2026. He paid $6,500 on 1 February 2020. If money was wor.,th 5% compounded semi-annually, what payment would he made on 1 February 2023, to complete paying off the indebtedness?
On 1 February 2016, Alexander owed three debts: a $3,000 note dated on 1 February 2014, and due (10 marks) on 1 August 2021 with interest at 4% compounded quarterly; $4,000 due on 1 February 2019, without interest; and $3,000 due without interest on 1 February 2026. He paid $6,500 on 1 February 2020. If money was wor.,th 5% compounded semi-annually, what payment would he made on 1 February 2023, to complete paying off the indebtedness?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Question 1
. On 1 February 2016, Alexander owed three debts: a $3,000 note dated on 1 February 2014, and due (10 marks) on 1 August 2021 with interest at 4% compounded quarterly; $4,000 due on 1 February 2019, without interest; and $3,000 due without interest on 1 February 2026. He paid $6,500 on 1 February 2020. If money was wor.,th 5% compounded semi-annually, what payment would he made on 1 February 2023, to complete paying off the indebtedness?
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