# When Harpreet borrowed money, he originally agreed to repay the loan by making three equal payments of

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## Question:

When Harpreet borrowed money, he originally agreed to repay the loan by making three equal payments of $3000, with a payment due now, another payment due two years from now, and the final payment due four years from now. Instead of the original payments, he plans to pay off the loan by making a single payment of $10020. If interest is 10% compounded annually, when will he make the single payment?

**Related Book For**

## College Mathematics for Business Economics Life Sciences and Social Sciences

ISBN: 978-0321614001

12th edition

Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen