Multiple Choice
A loan of $10,000 is being taken out today. The interest rate is 9% compounded monthly. Equal payments are to be made two and five years from now. After the second payment is made in five years there will be a balance of $3,000 still owing on the loan. Calculate the size of the two equal payments.
A) $4,790.21
B) $5,482.35
C) $5,692.38
D) $6,014.19
E) $4,747.27
Correct Answer:
Verified
Correct Answer:
Verified
Q198: What price should be paid for a
Q199: Kramer borrowed $6,000 from George at an
Q200: Mrs. Sandhu placed $11,500 in a 4-year
Q201: What amount three years ago is equivalent
Q202: In order to pay off a debt
Q204: LottoNow offers a choice of $500 per
Q205: Mustafa can receive a $77.00 discount if
Q206: Why is $100 received today worth more
Q207: Calculate the missing value:<br><img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8414/.jpg" alt="Calculate the
Q208: Krista invested $18,000 in a 3-year regular-interest