A demand loan of $3000.00 is repaid by payments of $1000.00 after two years, $1000.00 after four years, and a fina payment after six years. Interest is 9% compounded quarterly for the first two years, 10% compounded annually for the next two years, and 10% compounded monthly thereafter. What is the size of the final payment? CO The final payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) O S EXPOSUR

A demand loan of $3000.00 is repaid by payments of $1000.00 after two years, $1000.00 after four years, and a fina payment after six years. Interest is 9% compounded quarterly for the first two years, 10% compounded annually for the next two years, and 10% compounded monthly thereafter. What is the size of the final payment? CO The final payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) O S EXPOSUR

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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