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  3. on 2003/7/1, peter borrowed $2000, agreeing to pay

On 2003/7/1, Peter borrowed $2000, agreeing to pay interest at 3.2%/ year compounded monthly. He...

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Finance

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On 2003/7/1, Peter borrowed $2000, agreeing to pay interest at 3.2%/ year compounded monthly. He paid back $400 on 2006/8/1, and $500 on 2008/5/1. What equal payments on 2011/1/01, and 2013/11/01 will be needed to settle the debt? Remark: Dates are given in the format YYYY/MM/DD. Answer: A consumer buys goods worth $890. She pays $89 down and will pay $445 at the end of 1 year. If the store charges interest at a rate of 2.0%/y ear compounded monthly on the unpaid balance, what final payment will be necessary at the end of 60 months? (Enter the value only; do NOT add a $ sign.)

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