A demand loan of $3000.00 is repaid by payments of $1500.00 after two years, $1500.00 after four years, and a final payment after eight years. Interest is 9% compounded semi-annually for the first two years, 10% compounded annually for the next two years, and 10% compounded semi-annually 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 $3000.00 is repaid by payments of $1500.00 after two years, $1500.00 after four years, and a final payment after eight years. Interest is 9% compounded semi-annually for the first two years, 10% compounded annually for the next two years, and 10% compounded semi-annually 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.)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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![K
A demand loan of $3000.00 is repaid by payments of $1500.00 after two years, $1500.00 after four years, and a final payment after eight years. Interest is 9%
compounded semi-annually for the first two years, 10% compounded annually for the next two years, and 10% compounded semi-annually 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F51f46f2a-4f28-4130-b9cb-975f7e2dbfbb%2F4a4251f8-54df-4277-a5eb-b42ea06a07d6%2Fyzlzswx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
A demand loan of $3000.00 is repaid by payments of $1500.00 after two years, $1500.00 after four years, and a final payment after eight years. Interest is 9%
compounded semi-annually for the first two years, 10% compounded annually for the next two years, and 10% compounded semi-annually 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.)
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