Rachael initially borrowed $6,800 from RBC Bank at 4.7% compounded monthly. After 4 years she repaid $2,040, then 7 years after the $6,800 was initially borrowed she repaid $2,244. If she pays off the debt 11 years after the $6,800 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.
Rachael initially borrowed $6,800 from RBC Bank at 4.7% compounded monthly. After 4 years she repaid $2,040, then 7 years after the $6,800 was initially borrowed she repaid $2,244. If she pays off the debt 11 years after the $6,800 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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