The Superior Tool Company is repaying a debt of $16 000 by payments of $1000 made at

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The Superior Tool Company is repaying a debt of $16 000 by payments of $1000 made at the end of every three months. Interest is 7.5% compounded monthly.
(a) How many payments are needed to repay the debt?
(b) What is the size of the final payment?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 04:11 AM

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The Superior Tool Company is repaying a debt of $16 000 by payments of $1000 made at

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Contemporary Business Mathematics with Canadian Applications

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