On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at 1.7%/year compounded monthly. He paid $1200...

90.2K

Verified Solution

Question

Finance

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?
Remark: Dates are given in the format YYYY/MM/DD

Answer & Explanation Solved by verified expert

4.4 Ratings (857 Votes)

Amount borrowed on June 1 2001 6000 17 interest pa compounded monthly 1st payment of 1200 was made on Feb 1 2005 ie after 44 month after the loan was taken See Answer

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

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at 1.7%/year compounded monthly. He paid $1200...

90.2K

Verified Solution

Question

Finance

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?
Remark: Dates are given in the format YYYY/MM/DD

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Transcribed Image Text

Other questions asked by students

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at 1.7%/year compounded monthly. He paid $1200...

90.2K

Verified Solution

Question

Finance

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?Remark: Dates are given in the format YYYY/MM/DD

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Transcribed Image Text

Other questions asked by students

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?
Remark: Dates are given in the format YYYY/MM/DD