Joan borrowed $18,000.00 to buy a car. She repaid $4700.00 three months later and $8300.00 nine...

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Joan borrowed $18,000.00 to buy a car. She repaid $4700.00 three months later and $8300.00 nine months later. After twelve months, she borrowed an additional $5800.00, and repaid $5400.00 after 15 months. She paid the entire balance, including the interest, after 24 months. Interest was 5% compounded monthly for the first year and 4.7% compounded monthly for the remaining time. What was the size of the final payment? The final payment is $ Joan borrowed $18,000.00 to buy a car. She repaid $4700.00 three months later and $8300.00 nine months later. After twelve months, she borrowed an additional $5800.00, and repaid $5400.00 after 15 months. She paid the entire balance, including the interest, after 24 months. Interest was 5% compounded monthly for the first year and 4.7% compounded monthly for the remaining time. What was the size of the final payment? The final payment is $

Answer rating: 100% (QA)

Balance 18 000 4 700 x 1 0 0512 8 300 x 1 0 05129 B... View the full answer