Joan borrowed $3000 today with the understanding that she would repay the loan in two payments: $1600

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Joan borrowed $3000 today with the understanding that she would repay the loan in two payments: $1600 in one year and a second payment of $1700. If interest is 8% compounded quarterly, when should the second payment be made?

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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 03:51 AM

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Joan borrowed $3000 today with the understanding that she would repay the loan in two payments: $1600

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Let the focal date be now I Y 8 P Y 4 84 20 002 300000 160000102 4 170...View the full answer

Contemporary Business Mathematics with Canadian Applications

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