2 years ago, you owed the CRA (Canada Revenue Agency) $5,000 in income taxes. You were a...

2½ years ago, you owed the CRA (Canada Revenue Agency) $5,000 in income taxes. You were a full-time student then so CRA agreed that no payments until today (you have just started working). You pay them $2,000 today and starting in 1 month you will make your first of 6 monthly payments to pay off the remaining balance plus interest. CRA charges 6%, compounded monthly, starting from when the tax was due 2½ years ago.Calculate your monthly payment.

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o solve this problem, you will be creating a table with the following format. B/E C/Y I/Y PV PMT FV A=? B-? ype the value of A below. o solve this problem, you will be creating a table with the following format. B/E C/Y I/Y PV PMT FV A=? B-? ype the value of A below.

Answer rating: 100% (QA)

Monthly Rate 612 05 FV of 5000 for 25 y... View the full answer