Essay
Keith took a loan of $20 000 to buy a car at an interest of 4% compounded quarterly, with no monthly payments. On first, second and third anniversary of the loan, he made payments of $5000. What payment on the fourth anniversary will eliminate the debt?
Correct Answer:
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i = 
= 0.01
n = 1 × 4 = 4
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Correct Answer:
Verified
= 0.01n = 1 × 4 = 4
After 1st year...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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