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.
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: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.
P/Y= 12
PV = $ 6,800
Amount owed after 4 years = $ 2,040
P/Y =
PV = $
esc
C/Y = 12
PMT= $0
1
Amount owed after the first payment of $2,040 (enter a positive value): $11,392.01
Amount owed after 7 years = $
Q
F1
IC/Y =
PMT= $
2
-
F2
W
N = 132
#3
Amount owed after the second payment of $2,244 (enter a positive value): $
E
N=
FV$-11,392.0
(enter a positive value)
80
F3
FV = $
I/Y = 4.7
(enter a positive value)
$
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Transcribed Image Text:ab
1
PV = $
Amount owed after 7 years = $
P/Y=
PV = $
Amount owed after the second payment of $2,244 (enter a positive value): $
esc
Submit Question
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1
Q
PMT = $
A
Final payment (after 11 years); (enter a positive value) $
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PMT= $
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