When Ruby borrowed $895.00, she agreed to repay the loan in two equal payments, to be made 50 days and 90 days from the day the money was borrowed. If interest is 4% on the loan, what is the size of the equal payments if a focal date of today is used? The value of the equal payments is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

When Ruby borrowed $895.00, she agreed to repay the loan in two equal payments, to be made 50 days and 90 days from the day the money was borrowed. If interest is 4% on the loan, what is the size of the equal payments if a focal date of today is used? The value of the equal payments is $ (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

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