Question: Question 4 Imran borrowed $6,000 today with the understanding that he would repay the loan in two payments: $3,200 in one year and a final

Question 4

Question 4 Imran borrowed $6,000 today with the understanding that he would

Imran borrowed $6,000 today with the understanding that he would repay the loan in two payments: $3,200 in one year and a final payment of $3,400. If interest is 12% compounded monthly, when should the final payment be made? Use a time line to illustrate your answer. 6 MARKS

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