eagles16106
New member
- Joined
- Mar 11, 2011
- Messages
- 1
Bill owes John two sums of money: $9,000 plus interest at 6.4% compounded quarterly, which is due in 5 years, and $7,500 plus interest at 3.3% compounded monthly, which is due in 11 years. If Bill wants to pay off both debts with a single payment 9 years from now, find the amount of the payment if money is worth 6.4% compounded semiannually. (Round your answer to the nearest cent)
A debt of $9,500 due 13 years from now and $5,500 due 4 years from now is to be repaid by a single payment of $3,000 now and three equal payments that are due each consecutive year from now. If the interest rate is 8% compounded annually, how much are the equal payments? (Round answer to the nearest cent)
A debt of $9,500 due 13 years from now and $5,500 due 4 years from now is to be repaid by a single payment of $3,000 now and three equal payments that are due each consecutive year from now. If the interest rate is 8% compounded annually, how much are the equal payments? (Round answer to the nearest cent)
