A loan of $20,000 is to be paid off with 2 equal installments of X,occurring 3 months from now and 8 months from now.What is the value of X if r = 9 % and Merchant's Rule is used?
A)$10,291.26
B)$10,404.91
C)$10,409.12
D)$10,413.19

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The Answer of A loan of $20,000 is to be paid off with 2 equal installments of X,occurring 3 months from now and 8 months from now.What is the value of X if r = 9 % and Merchant's Rule is used?
A)$10,291.26
B)$10,404.91
C)$10,409.12
D)$10,413.19

A Loan of $20,000 Is to Be Paid Off with 2