Three equal payments were made one, two, and three years after the date on which a $17,200 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $6,056.94, what was the amount of each payment? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Each payment $

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
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Review Problem 9 #30 algo (LO6)
Three equal payments were made one, two, and three years after the
date on which a $17,200 loan was granted at 10.5% compounded
monthly. If the balance immediately after the third payment was
$6,056.94, what was the amount of each payment? (Do not round
intermediate calculations and round your final answer to 2 decimal
places.)
Each payment
$
Transcribed Image Text:Review Problem 9 #30 algo (LO6) Three equal payments were made one, two, and three years after the date on which a $17,200 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $6,056.94, what was the amount of each payment? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Each payment $
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