Joan borrowed $15 000 to buy a car. She repaid $2000 two months later and $5000 seven

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Joan borrowed $15 000 to buy a car. She repaid $2000 two months later and $5000 seven months later. After 12 months, she borrowed an additional $4000, and repaid $3000 after 16 months. She paid the entire balance, including the interest, after 24 months. Interest was 7% compounded monthly for the first year and 7.5% compounded monthly for the remaining time. What was 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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