A loan of $13,500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt with a final payment of, at most, $1,800. Find the number of payments n. (Enter your answer as an integer.) n = payments Find the amount of the final payment. (Round your answer to the nearest cent.)
A loan of $13,500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt with a final payment of, at most, $1,800. Find the number of payments n. (Enter your answer as an integer.) n = payments Find the amount of the final payment. (Round your answer to the nearest cent.)
Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter3: Solving Equation And Problems
Section3.1: Transforming Equations: Addition And Subtraction
Problem 1E
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![A loan of $13,500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt
with a final payment of, at most, $1,800. Find the number of payments n. (Enter your answer as an integer.)
n =
payments
Find the amount of the final payment. (Round your answer to the nearest cent.)
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa4d81830-794e-4fb8-b70a-e47a5117e5df%2Fad2ce9a1-eb84-4268-9566-dd35e5489f2e%2Fgwbqxo_processed.png&w=3840&q=75)
Transcribed Image Text:A loan of $13,500 is made at an effective interest rate of 8.5%. Payments are made at the end of each interest period. Each payment equals twice the interest due until the borrower pays off the outstanding debt
with a final payment of, at most, $1,800. Find the number of payments n. (Enter your answer as an integer.)
n =
payments
Find the amount of the final payment. (Round your answer to the nearest cent.)
$
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