A loan of $10,000 is being taken out today. The interest rate is 9% compounded monthly. Equal payments are to be made two and five years from now. After the second payment is made in five years there will be a balance of $3,000 still owing on the loan. Calculate the size of the two equal payments.
A) $4,790.21
B) $5,482.35
C) $5,692.38
D) $6,014.19
E) $4,747.27

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The Answer of A loan of $10,000 is being taken out today. The interest rate is 9% compounded monthly. Equal payments are to be made two and five years from now. After the second payment is made in five years there will be a balance of $3,000 still owing on the loan. Calculate the size of the two equal payments.
A) $4,790.21
B) $5,482.35
C) $5,692.38
D) $6,014.19
E) $4,747.27

A Loan of $10,000 Is Being Taken Out Today