Jacqueline initially borrowed $7,200 from RBC Bank at 4.98% compounded monthly. After 2 years she repaid $3,528, then 5 years after the $7,200 was initially borrowed she repaid $2,160. If she pays off the debt 9 years after the $7,200 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.

Answer rating: 100% (QA)

To solve this problem we can use the formula for compound interest A P1 rnnt Where A is the future v... View the full answer