What are the equivalent payments to pay off an $877.21 loan if one payment is 3 months
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Question:
- What are the equivalent payments to pay off an $877.21 loan if one payment is 3 months from today, one payment is 6 months from today, and the last is 9 months from today? Assume interest is 6% compounded monthly.
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- After 5 years, a promissory note is valued at $5,986 with 2.7% compounded monthly. What is the face value of this note?
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- What is the face value of a strip bond that was purchased for $7,577? This strip bond was purchased 10 years ago with 1.2% compounded semi-annually interest.
NOTE: Strip bonds usually have face values that are multiples of $1000. This answer will probably not, but it's the process that's important.
Related Book For
Discovering Advanced Algebra An Investigative Approach
ISBN: 978-1559539845
1st edition
Authors: Jerald Murdock, Ellen Kamischke, Eric Kamischke
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