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.
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 25DQ
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Transcribed Image Text: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.
P/Y= 12
PV = $ 6,800
Amount owed after 4 years = $ 2,040
P/Y =
PV = $
esc
C/Y = 12
PMT= $0
1
Amount owed after the first payment of $2,040 (enter a positive value): $11,392.01
Amount owed after 7 years = $
Q
F1
IC/Y =
PMT= $
2
-
F2
W
N = 132
#3
Amount owed after the second payment of $2,244 (enter a positive value): $
E
N=
FV$-11,392.0
(enter a positive value)
80
F3
FV = $
I/Y = 4.7
(enter a positive value)
$
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Transcribed Image Text:ab
1
PV = $
Amount owed after 7 years = $
P/Y=
PV = $
Amount owed after the second payment of $2,244 (enter a positive value): $
esc
Submit Question
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1
Q
PMT = $
A
Final payment (after 11 years); (enter a positive value) $
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PMT= $
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F2
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FV = $
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