Mary is planning to repay a debt of 75,000 with a quarterly payment $4,000 for the next 23 quarters and a final payment of "X" dollars at the end of 24-th quarter. If the interest rate is 12% per year, compounded quarterly, how much will be Mary's final payment?

Answer rating: 100% (QA)

To calculate Marys final payment we can use the formula for the future value of an ordinary annuity ... View the full answer