To pay off a loan of R7 000 due now and a loan of R 2 000 due in 14 months' time, Mrs Skosana agrees tn make three payments in two, five and ten iths' time respectively. The second payment is to be double the first and the third payment is to be triple the first. What is the approximated size of the payment at month five if interest is calculated at 16% per year, compounded monthly? a. R1 582,43 b. R3 000,00 C. R3 164,86 d. R4 500,00

To pay off a loan of R7 000 due now and a loan of R 2 000 due in 14 months' time, Mrs Skosana agrees tn make three payments in two, five and ten iths' time respectively. The second payment is to be double the first and the third payment is to be triple the first. What is the approximated size of the payment at month five if interest is calculated at 16% per year, compounded monthly? a. R1 582,43 b. R3 000,00 C. R3 164,86 d. R4 500,00

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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