On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at 1.7%/year compounded monthly. He paid $1200...

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Finance

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?
Remark: Dates are given in the format YYYY/MM/DD

Answer & Explanation Solved by verified expert

4.4 Ratings (857 Votes)

Amount borrowed on June 1 2001 6000 17 interest pa compounded monthly 1st payment of 1200 was made on Feb 1 2005 ie after 44 month after the loan was taken See Answer

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On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at 1.7%/year compounded monthly. He paid $1200...

90.2K

Verified Solution

Question

Finance

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?
Remark: Dates are given in the format YYYY/MM/DD

Answer & Explanation Solved by verified expert

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On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at 1.7%/year compounded monthly. He paid $1200...

90.2K

Verified Solution

Question

Finance

On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?Remark: Dates are given in the format YYYY/MM/DD

Answer & Explanation Solved by verified expert

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On 2001/6/1, Peter borrowed $6000, agreeing to pay interest at1.7%/year compounded monthly. He paid $1200 on 2005/2/1, and $1500on 2007/8/1. What equal payments on 2011/6/01, and 2013/12/01 willbe needed to settle the debt?
Remark: Dates are given in the format YYYY/MM/DD