Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. a person borrows $3,000 at 6% per annum simple int

A person borrows $3,000 at 6% per annum simple interest. She is to repay the...

50.1K

Verified Solution

Question

Finance

A person borrows $3,000 at 6% per annum simple interest. She is to repay the debt with 4 equal payments, the 1st at the end of 3 months, the 2nd at the end of 6 months, the 3rd is due at the end of 9 months, and the final payment is due at the end of 12 months. Determine the size of the payments using the focal date of 6 months.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

Discuss one effect of each of the following hazards on construction workers. [2] a. Asbestos when encountered...

Accounting
1.2K views

Have you often wondered why investors sue the external auditors when massive fraud negatively affects the...

Physics
1.2K views

An ammeter of resistance 0 80 2 can measure current upto 1 0 A i...

Physics
1.2K views

The energy flux of the light emitted by a source of light is 50 Wm...

Geometry
1.2K views

10 Graph y 2 3 from Ol y 20 0 15 10 5 0 5

Basic Math
1.2K views

Consider the initial value problem a Find the eigenvalues and eigenvectors for the coefficient matrix...

Statistics
1.2K views

A business has six customer service telephone lines Consider the random variable x Number of...

Accounting
1.2K views

On Friday of each week, Westlake Ltd pays its factory workers weekly wages amounting to...

Accounting
1.2K views

Requirement: Compute the 2022 fiduciary income and Federal income tax for the Blue Trust. Prepare...

Accounting
1.2K views

Dan transfers an apartment building to Grace but retains the right to the rental income...

Accounting
1.2K views

Please help with question 2,3 in managerial accounting i do not understand thank you

Accounting
1.2K views

Requirement 1. Post the transactions to the T-accounts. Use the dates as posting references in...