Find the value of all the intrest paid to ken

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Reference no: EM13148786

Ken loans his grandson rex $20,000 at 5.5 percent per year to help pay for executive chef schoolingg in Florida . Rex requires 3 years till he begins to earna a salary. he agrees to pay ken the loan in the following order : year 1,2,3 nothing to be paid year 4 : X year 5 : 2X year 6 : 3X year 7 : 4X year 8 : 5X a) Find the value of X such that the loan is fully repaid with the last payment. b) What is the dollar amount of each of the five payments ? c) Find the value of all the intrest paid to ken ?

Reference no: EM13148786

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