A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after eight years. Interest is 9% compounded monthly for the first two years, 10% compounded annually for the next two years, and 10% compounded quarterly thereafter. What is the size of the final payment? The final payment is $ Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after eight years. Interest is 9% compounded monthly for the first two years, 10% compounded annually for the next two years, and 10% compounded quarterly thereafter. What is the size of the final payment? The final payment is $ Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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