Question: please provide this answer as fast as possible A variable rate demand loan showed an initial balance of $11,000.00, payments of $5500.00 after six months,

please provide this answer as fast as possible A variable rate

please provide this answer as fast as possible

A variable rate demand loan showed an initial balance of $11,000.00, payments of $5500.00 after six months, $5500.00 after 21 months, and a final payment after six years. Interest was 6% compounded quarterly for the first 21 months and 6.45% compounded monthly for the remaining time. What was the size of the final payment? The final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q1. A variable rate demand loan showed an initial balance of $11,000.00, payments of $5000.00 after sixmonths, $5000.00 after 21months, and a final payment after six years. Interest was 8% compounded...

in class activity In class activity 1. Wis parents deposited a lump sum of money into a savings account for him on his tenth birthday at an interest rate of 5% compounded semi-annually. Three years...

A variable rate demand loan showed an initial balance of $12,000.00, payments of $5500.00 after six months, $5500.00 after 21 months, and a final payment after five years. Interest was 9% compounded...

A variable rate demand loan showed an initial balance of $11,000.00, payments of $5000.00 after six months, $5000.00 after 21 months, and a final payment after six years. Interest was 6% compounded...

A variable rate demand loan showed an initial balance of $7000.00, payments of $3000.00 after six months, $3000.00 after 21 months, and a final payment after four years. Interest was 8% compounded...

Out Points: 0 of 1 Save A variable rate demand loan showed an initial balance of $7000.00, payments of $3000.00 after six months, $3000.00 after 21 months, and a final payment after five years....

A variable rate demand loan showed an initial balance of $11,000.00, payments of $5000.00 after six months, $5000.00 after 21 months, and a final payment after four years. Interest was 9% compounded...

A variable rate demand loan showed an initial balance of $9000.00, payments of $4000.00 after six months, $4000.00 after 21 months, and a final payment after four years. Interest was 8% compounded...

A variable rate demand loan showed an initial balance of $9000, payments of $2500 after 6 months, $2500 after 21 months, and a final payment after 4 years. Interest was 8% compounded quarterly for...

I need to implement a growth strategy that requires the hospital the invest $60,000,000.00 into a new facility to expand operations to meet the growing demands of the population. The funds will be...

Write the complete mechanism for compound x & y. y is an alcohol. Show all steps.

The elements of a multiple bottom line (MBL) approach are economic, social, ethical, and: marks:1 Equity. Environmental. Eccentricity. None of the above The second tier of the stakeholder hierarchy...

BE3.15 (LO 5) Hillside Company enters into a contract with Sanchez Inc. to provide a software license and 3 years of customer support. The customer-support services require specialized knowledge that...

Required: Indicate whether the below items (5 to 12) should disclosed (a) in the summary be of significant accounting policies note, in a separate disclosure note, or (c) on the face of the balance...