What final payment will necessary at the end of three years

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-A consumer buys goods worth $840. She pays $84 down and will pay $420 at the end of 1 year. If the store charges interest on the unpaid balance at a rate of 3.9%/year compounded monthly during the first two years and at a rate of 8.6%/year compounded monthly thereafter, what final payment will be necessary at the end of 3 years?

-What sum of money due on October 1, 2027 is equivalent to $7000 due on January 1, 2004 if interest rates were 6.9%/year compounded monthly before January 1, 2010, changed to 9.4%/year compounded monthly from January 1, 2010 to January 1, 2020, and stood at 9.8%/year compounded monthly thereafter?

-What sum of money due on July 1, 2018 is equivalent to $5000 due on January 1, 2005 if interest rates were/are 4.9%/year compounded semi-annually before January 1, 2010 and 6.0%/year compounded quarterly thereafter?

-On 2002/4/1, Peter borrowed $9000, agreeing to pay interest at 5.5%/year compounded monthly. He paid $1800 on 2005/10/1 and $2250 on 2008/2/1. He will make two more payments on 2011/12/01 and 2013/3/01, with the payment on 2011/12/01 being 90% higher than that on 2013/3/01. What payment will he make on 2013/3/01?

-On 2001/3/1, Peter borrowed $7000, agreeing to pay interest at 5.8%/year compounded monthly. He paid $1400 on 2005/9/1 and $1750 on 2008/6/1. He will make two more payments on 2012/9/01 and 2014/8/01, with the payment on 2012/9/01 being 7 times that on 2014/8/01. What payment will he make on 2014/8/01?

Reference no: EM132958795

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