A $9,000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7.25%. Use the loan date as the focal date.

Question

Quizplus · Accepted Answer

The Answer of A $9,000 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 7.25%. Use the loan date as the focal date.

A $9,000 Loan Is to Be Repaid in Three Equal