Multiple Choice
You borrow $4750 at a rate of 6.72% compounded monthly. You make a partial payment of $1400 in 3 months. You also agree to make two equal payments 3 and 5 months after the partial payment. What is the size of the equal payments? Use a focal date of 8 months.
A) $1573.84
B) $1754.02
C) $1735.84
D) $1784.35
E) $1788.02
Correct Answer:
Verified
Correct Answer:
Verified
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