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On 2003/11/1, Peter borrowed $8000, agreeing to pay interest at 3.3%/year compounded monthly. He paid $1600 on 2005/5/1 and $2000 on 2008/3/1. He will make two more payments on 2012/3/01 and 2015/10/01, with the payment on 2012/3/01 being 8 times that on 2015/10/01. What payment will he make on 2015/10/01?

On 2003/11/1, Peter borrowed $8000, agreeing to pay interest at 3.3%/year compounded monthly. He paid $1600 on 2005/5/1 and $2000 on 2008/3/1. He will make two more payments on 2012/3/01 and 2015/10/01, with the payment on 2012/3/01 being 8 times that on 2015/10/01. What payment will he make on 2015/10/01?

EBK CFIN
EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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On 2003/11/1, Peter borrowed $8000, agreeing to pay interest at 3.3%/year compounded monthly. He paid $1600 on 2005/5/1 and $2000 on 2008/3/1. He will make two more payments on 2012/3/01 and 2015/10/01, with the payment on 2012/3/01 being 8 times that on 2015/10/01. What payment will he make on 2015/10/01? Remark: Dates are given in the format YYYY/MM/DD.
Transcribed Image Text:On 2003/11/1, Peter borrowed $8000, agreeing to pay interest at 3.3%/year compounded monthly. He paid $1600 on 2005/5/1 and $2000 on 2008/3/1. He will make two more payments on 2012/3/01 and 2015/10/01, with the payment on 2012/3/01 being 8 times that on 2015/10/01. What payment will he make on 2015/10/01? Remark: Dates are given in the format YYYY/MM/DD.
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