Answequestion! Lol Rachael initially borrowed $6,800 from RBC Bank at 4.7% compounded monthly. After4 years she repaid $2,040, then 7 years after the $6,800 was initially borrowed sherepaid $2,244. If she pays off the debt 11 years after the $6,800 was initiallyborrowed, how much should her final payment be to clear the debt completely? Roundall answers to two decimal places if necessary.P/Y= 12PV = $ 6,800Amount owed after 4 years = $ 2,040P/Y =PV = $escC/Y = 12PMT= $01Amount owed after the first payment of $2,040 (enter a positive value): $11,392.01Amount owed after 7 years = $QF1IC/Y =PMT= $2-F2WN = 132#3Amount owed after the second payment of $2,244 (enter a positive value): $EN=FV$-11,392.0(enter a positive value)80F3FV = $I/Y = 4.7(enter a positive value)$4daI/Y =R%5म :F5T%%MacBook Air6GF6←F7&AR7*C ab1PV = $Amount owed after 7 years = $P/Y=PV = $Amount owed after the second payment of $2,244 (enter a positive value): $escSubmit Question!1QPMT = $AFinal payment (after 11 years); (enter a positive value) $☀tNCY=PMT= $2F2WSX#3N=(enter a positive value)80F3FV = $EDFV = $$ 4CƠRFI/Y=%5F5TVMacBook Air6%GF6YB&7F7H

A loan is an agreement between two parties where one party forwards an amount to the other one in…

Rachael initially borrowed $6,800 from RBC Bank at 4.7% compounded monthly. After 4 years she repaid $2,040, then 7 years after the $6,800 was initially borrowed she repaid $2,244. If she pays off the debt 11 years after the $6,800 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.

Rachael initially borrowed $6,800 from RBC Bank at 4.7% compounded monthly. After 4 years she repaid $2,040, then 7 years after the $6,800 was initially borrowed she repaid $2,244. If she pays off the debt 11 years after the $6,800 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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