A demand loan of $5000.00 is repaid by payments of $2000.00 after two years, $2000.00 after...

 

Transcribed Image Text:

A demand loan of $5000.00 is repaid by payments of $2000.00 after two years, $2000.00 after four years, and a final payment after seven years. Interest is 7% compounded quarterly for the first two years, 8% compounded monthly for the next two years, and 8% compounded annually thereafter. What is the size of the final payment? The final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) A demand loan of $5000.00 is repaid by payments of $2000.00 after two years, $2000.00 after four years, and a final payment after seven years. Interest is 7% compounded quarterly for the first two years, 8% compounded monthly for the next two years, and 8% compounded annually thereafter. What is the size of the final payment? The final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Answer rating: 100% (QA)

Solution Future value Future value after 2 y... View the full answer