Madison initially borrowed $8,200 from TD Canada Trust at 3.45% compounded semi- annually. After 2 years she repaid $2,706, then 6 years after the $8,200 was initially borrowed she repaid $3,608. If she pays off the debt 11 years after the $8,200 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.
Madison initially borrowed $8,200 from TD Canada Trust at 3.45% compounded semi- annually. After 2 years she repaid $2,706, then 6 years after the $8,200 was initially borrowed she repaid $3,608. If she pays off the debt 11 years after the $8,200 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary.
Chapter7: Deductions And Losses: Certain Business Expenses And Losses
Section: Chapter Questions
Problem 30P
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Transcribed Image Text:Madison initially borrowed $8,200 from TD Canada Trust at 3.45% compounded semi-
annually. After 2 years she repaid $2,706, then 6 years after the $8,200 was initially
borrowed she repaid $3,608. If she pays off the debt 11 years after the $8,200 was
initially borrowed, how much should her final payment be to clear the debt
completely? Round all answers to two decimal places if necessary.
P/Y =
C/Y =
N =
I/Y =
%3D
PV = $
PMT = $
FV = $
Amount owed after 2 years = $
(enter a positive value)
Amount owed after the first payment of $2,706 (enter a positive value): $
* P/Y =
C/Y =
I/Y =
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