The superior tool company is repaying a debt of $96000 by payments of $1000 made at the end of every three months. interest is 7.5% compounded monthly. a) how many payments are needed to repay the debt? b) what is the size of the final payment?

The superior tool company is repaying a debt of $96000 by payments of $1000 made at the end of every three months. interest is 7.5% compounded monthly. a) how many payments are needed to repay the debt? b) what is the size of the final payment?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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Subject - account

Please help me.

Thankyou.

The superior tool company is
repaying a debt of $q6000 by
payments of $1000 made at the
end of every three months.
interest is 7.5% compounded
monthly.
a) how many payments are
needed to repay the debt?
b) what is the size of the final
payment?

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