Question

Colin borrowed some money at 7.16%?a compounded quarterly. three years later. he paid $5000 toward the principal and the interest. after another two years, he paid another $5000. after another five years, he paid the remainder of the principal and the interest, which totalled $5000. how much money did he originally borrow?

Answer 1

r=0.0716/4 = 0.0179
A*1.0179^40= (5000*1.0179^28+5000*1.0179^20+5000)
A=$10,006.67

Answer 2

Katie bought a piano for $4,000. she made a down payment of $400. if she financed the balance at a simple rate of 8% with 24 equal monthly payment what are her installments