8. You have debt payments of $400 due 5 months ago, $660 due today, and $900 due 9 months from today. You are paying 10% compounded monthly on your loan. What single amount due three months from today will pay off the entire loan?

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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8. You have debt payments of $400 due 5
months ago, $660 due today, and $900 due
9 months from today. You are paying 10%
compounded monthly on your loan. What
single amount due three months from
today will pay off the entire loan?
Transcribed Image Text:8. You have debt payments of $400 due 5 months ago, $660 due today, and $900 due 9 months from today. You are paying 10% compounded monthly on your loan. What single amount due three months from today will pay off the entire loan?
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