Evelyn initially borrowed $3,800 from Tangerine Bank at 3.91% compounded semiannually. After 4 years she...
90.2K
Verified Solution
Link Copied!
Question
Finance
Evelyn initially borrowed $3,800 from Tangerine Bank at 3.91% compounded semiannually. After 4 years she repaid $1,710, then 6 years after the $3,800 was initially borrowed she repaid $1,292. If she pays off the debt 10 years after the $3,800 was initially borrowed, how much should her final payment be to clear the debt completely? Round all answers to two decimal places if necessary. Amount owed after 4 years =$ (enter a positive value) Amount owed after the first payment of $1,710 (enter a positive value): $ Amount owed after the second payment of $1,292 (enter a positive value): $ PMY=CY=PMT=$N=FV=$ VYY= Final payment (after 10 years); (enter a positive value) $
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!