A loan of $3000 borrowed today is to be repaid in three equal installments due in one

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A loan of $3000 borrowed today is to be repaid in three equal installments due in one year, three years, and five years, respectively. What is the size of the equal installments if money is worth 7.2% compounded monthly?

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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 03:48 AM

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A loan of $3000 borrowed today is to be repaid in three equal installments due in one

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Contemporary Business Mathematics with Canadian Applications

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