Jacques takes out a loan and agrees to pay it back with payments of $500 at the end of every 6-months for 10 years at j2 = 8% (20 payments in total).He makes the first 3 payments (time 1 to 3),but misses the next 3 (time 4 to 6).What single payment would he need to pay at the time of the 7th payment (time 7)that would make up for the 3 missed payments AND pay off the remaining payments?
A)$4992.82
B)$5492.82
C)$6326.15
D)$7116.05

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The Answer of Jacques takes out a loan and agrees to pay it back with payments of $500 at the end of every 6-months for 10 years at j2 = 8% (20 payments in total).He makes the first 3 payments (time 1 to 3),but misses the next 3 (time 4 to 6).What single payment would he need to pay at the time of the 7th payment (time 7)that would make up for the 3 missed payments AND pay off the remaining payments?
A)$4992.82
B)$5492.82
C)$6326.15
D)$7116.05

Jacques Takes Out a Loan and Agrees to Pay It