A variable rate demand loan showed an initial balance of $9000, payments of $2500 after 6 months,

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A variable rate demand loan showed an initial balance of $9000, payments of $2500 after 6 months, $2500 after 21 months, and a final payment after 4 years. Interest was 8% compounded quarterly for the first 21 months and 7.75% 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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