A loan of $5000 due in one year is to be repaid by three equal payments due

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A loan of $5000 due in one year is to be repaid by three equal payments due today, six months from now, and one year from now. What is the amount of the equal payments if interest is 6.5% and the focal date is today?

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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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Question Posted: Feb 26, 2016 03:42 AM

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A loan of $5000 due in one year is to be repaid by three equal payments due

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Contemporary Business Mathematics with Canadian Applications

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