Krista borrowed $16,231. The loan is to be repaid by three equal payments due in 65, 153, and 274 days from now respectively. Determine the size of the equal payments at an interest rate of 9% with a focal date of today. The size of the equal payments is S Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
icon
Related questions
Question

Helo me fast...I will give good rating....

Krista borrowed $16,231. The loan is to be repaid by three equal payments due in 65, 153, and 274 days from now respectively. Determine the size of the equal payments at an interest rate of 9% with a focal date of today.
The size of the equal payments is S
(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:Krista borrowed $16,231. The loan is to be repaid by three equal payments due in 65, 153, and 274 days from now respectively. Determine the size of the equal payments at an interest rate of 9% with a focal date of today. The size of the equal payments is S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Bond Credit Rating
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Corporate Fin Focused Approach
Corporate Fin Focused Approach
Finance
ISBN:
9781285660516
Author:
EHRHARDT
Publisher:
Cengage
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage