Jenny borrowed $100000 from the bank today. She promised to repay the debt by 3 payments:...

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Jenny borrowed $100000 from the bank today. She promised to repay the debt by 3 payments: $30000 2 weeks later, $40000 3 weeks later, and a final payment 5 weeks later. However, after making the first two payments as promised, she managed to borrow from the bank again at the end of the fourth week and postponed her final payment for a week. This time, she borrowed $20000. How much should her final payment be at the end of 6 weeks from now in order to settle the debt, provided that the nominal rate is 9.6% p.a. compounded weekly throughout? (6 marks) Jenny borrowed $100000 from the bank today. She promised to repay the debt by 3 payments: $30000 2 weeks later, $40000 3 weeks later, and a final payment 5 weeks later. However, after making the first two payments as promised, she managed to borrow from the bank again at the end of the fourth week and postponed her final payment for a week. This time, she borrowed $20000. How much should her final payment be at the end of 6 weeks from now in order to settle the debt, provided that the nominal rate is 9.6% p.a. compounded weekly throughout? (6 marks)

Answer rating: 100% (QA)

Principal 100000 Intrest after 2 weeks 100000 x 96 ... View the full answer