A loan of $8000.00 taken out two years ago is to be repaid by three equal installments due now, three years from now, and six years from now respectively. What is the size of the equal installments if interest on the debt is 7.32% p.a. compounded monthly?

Question

Quizplus · Accepted Answer

The Answer of A loan of $8000.00 taken out two years ago is to be repaid by three equal installments due now, three years from now, and six years from now respectively. What is the size of the equal installments if interest on the debt is 7.32% p.a. compounded monthly?

A Loan of $8000