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Scheduled Payments of $8,000 and $9,000 Are Due 2 Years

Question 91

Multiple Choice

Scheduled payments of $8,000 and $9,000 are due 2 years and 3 years from today. The payments have been replaced by a $5,000 in four years and another payment one year from now. Determine the value of the final payment if interest is 3.85% compounded monthly.


A) $11,352.15
B) $11,408.68
C) $11,576.93
D) $11,762.43
E) $11,981.07

Correct Answer:

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