Loan payments of $1,900 due 95 days ago and $4,350 due today are scheduled to be repaid

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Loan payments of $1,900 due 95 days ago and $4,350 due today are scheduled to be repaid with a payment of $4,220 in 31
days and the balance in 126 days. If money earns 6% p.a. simple interest, what is the size of the final payment?

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Posted Date: Apr 24, 2024 09:21 AM

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Loan payments of $1,900 due 95 days ago and $4,350 due today are scheduled to be repaid

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To calculate the size of the final payment we can use the concept of present value ... View the full answer

Contemporary Business Mathematics with Canadian Applications

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