Jaguar Systems LLC borrowed $20,000 to finance new plasma cutter. The bank is very flexible...
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Jaguar Systems LLC borrowed $20,000 to finance new plasma cutter. The bank is very flexible in their repayment plan but will charge an 2% interest compounded annually for any unpaid balance. Suppose your payment plan is as follows. Payment 1: $5,000 two years from now Payment 2: $7,000 three years from now Payment 3: $X five years from now What is the value of X required in year 5 to ensure you have the necessary funds to pay off the loan?
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