Jungle Jim owes three debts:
$500 due in one year plus interest at 6% compounded semi-annually,
$2000 due in two years,
$1000 due in three years plus interest at 5% compounded monthly.
He wishes to discharge these debts by paying $500 now and two equal but unknown payments in one and two years respectively. Find the size of the equal payments if money is, at present, worth 12% compounded quarterly. Use a focal date of two years.
1 answer
kenny has £3200 in a saving account.after a year, the bank pays him interest increasing his balance to £3360. what percentage rate was applied to the account?
2 answers