A loan of $7000 is to be repaid by three equal payments one and a half year from now, three years and four and three quarter years from now respectively. What is the size of the equal payments if interest on the debt is 15% compounded quarterly ? Use six decimal places for intermediate calculations and round the final answer to 2 decimal places (e.g.. 0.00) Be sure to show the financial calculator inputs for PY, Pv, CY, N FV and PMT on the document that you will hand in at the end of the test. Show the work for each calculation (required). Include a timeline if desired footional)

A loan of $7000 is to be repaid by three equal payments one and a half year from now, three years and four and three quarter years from now respectively. What is the size of the equal payments if interest on the debt is 15% compounded quarterly ? Use six decimal places for intermediate calculations and round the final answer to 2 decimal places (e.g.. 0.00) Be sure to show the financial calculator inputs for PY, Pv, CY, N FV and PMT on the document that you will hand in at the end of the test. Show the work for each calculation (required). Include a timeline if desired footional)

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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