Question: 3 Please check my answer and provide a detailed solution preferably by hand. A loan of $3547 borrowed today is to be repaid in 3

3 Please check my answer and provide a detailed solution preferably by hand.

A loan of $3547 borrowed today is to be repaid in 3 equal installments due in one year, three and a half years, and five and a half years respectively. What is the size of the equal installments if moeny is worth 8.7% compounded quarterly? I got $1898.11, is that correct?

A loan of $3547 borrowed today is to be repaid in three equal installments due in one year, three-and- The payments are each $ 1898.11. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal

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