Hi there, I'm having a bit of trouble with this question and any help would be appreciated!
A loan of $5600 is to be repaid at 9% compounded annually by making 10 payments at the end of each quarter. Each of the last six payments are two times the amount of each of the first four payments. What is the size of each payment?
A loan of $5600 is to be repaid at 9% compounded annually by making 10 payments at the end of each quarter. Each of the last six payments are two times the amount of each of the first four payments. What is the size of each payment?