What is the size of the equal installments

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A loan of $7000 taken out two years ago is to be repaid in three equal installments due now, two years from now, and three years from now respectively. What is the size of the equal installments if interest on the debt is 12% compounded monthly?

Reference no: EM13332140

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What is the size of the equal installments : A loan of $7000 taken out two years ago is to be repaid in three equal installments due now, two years from now, and three years from now respectively. What is the size of the equal installments if interest on the debt is 12% compounded monthly?

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