Joan was advanced 3 loans: $6029.17 at the start of January, $8993.69 at the start of...

 

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Joan was advanced 3 loans: $6029.17 at the start of January, $8993.69 at the start of February and $9404.21 at the start of April. She expects to repay these debts with three equal payments: one at the start of September, one at the start of October and one at the start of December. Suppose the rate of interest is 6.52%. Use the start of October as a focal date. If the repayment amount is , what is the value of the first repayment on the focal date? For example, solutions may take the form 1.3248133x or 0.9245412x. Use at least 7 decimal places. Answer. Joan was advanced 3 loans: $6029.17 at the start of January, $8993.69 at the start of February and $9404.21 at the start of April. She expects to repay these debts with three equal payments: one at the start of September, one at the start of October and one at the start of December. Suppose the rate of interest is 6.52%. Use the start of October as a focal date. If the repayment amount is , what is the value of the first repayment on the focal date? For example, solutions may take the form 1.3248133x or 0.9245412x. Use at least 7 decimal places. Answer.

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