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Claire has borrowed . She plans to pay off the loan in full after two payments. She will make one payment 3 years from now, then another payment 6 years from now. The second payment will be exactly double
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Claire has borrowed . She plans to pay off the loan in full after two payments. She will make one payment 3 years from now, then another payment 6 years from now. The second payment will be exactly double the amount of the first payment. How much is the first payment if the interest rate of the loan is , compounded annually

User Makambi
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1 Answer

2 votes

Answer:

$2,489.05

Step-by-step explanation:

PMT=5000 / (1*1.085^-3 + 2*(1.085^-6))

PMT = $2,489.05

User Rayees AC
by
3.4k points
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