Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. loan payments of $3900 due three years ago and $24

Loan payments of $3900 due three years ago and $2400 due in four years are...

60.1K

Verified Solution

Question

Accounting

Loan payments of $3900 due three years ago and $2400 due in four years are to be replaced by two equal payments. The first replacement payment is due now and the second payment is due in nine years. Determine the size of the two replacement payments if interest is 2.9% compounded quarterly and the focal date is now.

(a) The size of the two replacement payments is $?. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Give a summary about the Milgram experiment and what it does?

Psychology
Q

A. Wissler, Inc. owes $273,000 to the bank for some improvements made to its office building. The...

Finance
Q

Subject: Organizaitonal Behavior Question 01: Explain in detail the difference between groups and teams for any project...

General Management
Q

The Ste. Marie Division of Pacific Media Corporation just started operations. It purchased depreciable assets costing...

Accounting
Q

A rectangular carpet has a perimeter of 208 inches The length of the carpet is...

Basic Math
Q

The future value at 7 interest compounded continuously for 5 years of the continuous income...

Calculus
Q

O X are the factors of x 5x 2x 24 4 x 3 x 2...

Algebra
Q

se the given transformation to evaluate the integral 11 6xy dA where R is the...

Algebra
Q

Lopez Company's outstanding stock consists of 1,500 shares of noncumulative 5% preferred stock with a...

Accounting
Q

Builder Products, Inc., manufactures a caulking compound that goes through three processing stages prior to...

Accounting
Q

Please answer both, thank you! years and no salvage value. The company requires...

Accounting
Q

Determine the present value of an annuity due of $5,000 per year for 8 years...

Finance