Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4 years she repaid $2,304, then 6 years after the $6,400 was Initlally borrowed she repaid $2,624. If she pays off the debt 11 years after the $6,400 was initlally borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.
Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4 years she repaid $2,304, then 6 years after the $6,400 was Initlally borrowed she repaid $2,624. If she pays off the debt 11 years after the $6,400 was initlally 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:Vanessa initially borrowed $6,400 from RBC Bank at 3.64% compounded semi-annually. After 4
years she repaid $2,304, then 6 years after the $6,400 was initially borrowed she repaid $2,624. If
she pays off the debt 11 years after the $6,400 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 =
CY =
N =
I/Y =
PV = $
PMT = $
FV = $
Amount owed after 4 years = $
(enter a positive value)
Amount owed after the first payment of $2,304 (enter a positive value): $
P/Y =
CN =
I/Y =
N =
%
PV = $
PMT = $
FV = $
Amount owed after 6 years = $
(enter a positive value)
Amount owed after the second payment of $2,624 (enter a positive value): $
P/Y =
C/Y =
N =
I/Y =
PV = $
PMT = $
FV = $
Final payment (after 11 years); (enter a positive value) $
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