A demand loan of $3000 is repaid by payments of $1500 after two years, $1500 after four

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A demand loan of $3000 is repaid by payments of $1500 after two years, $1500 after four years, and a final payment after seven years. Interest is 9% compounded quarterly for the first year, 10% compounded semi-annually for the next three years, and 10% compounded monthly thereafter. What is the size of the final payment?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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