Loan payments of $1,900 due 95 days ago and $4,350 due today are scheduled to be repaid with a payment of $4,220 in 31 days and the balance in 126 days. If money earns 6% p.a. simple interest, what is the size of the final payment? Use 126 days from today as the focal date. Round to the nearest cent.

Loan payments of $1,900 due 95 days ago and $4,350 due today are scheduled to be repaid with a payment of $4,220 in 31 days and the balance in 126 days. If money earns 6% p.a. simple interest, what is the size of the final payment? Use 126 days from today as the focal date. Round to the nearest cent.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 12PROB

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