On 2002/4/1, Peter borrowed $2000, agreeing to pay interest at 6%/year compounded monthly. He paid $400...

On 2002/4/1, Peter borrowed $2000, agreeing to pay interest at 6%/year compounded monthly. He paid $400 on 2004/9/1 and $500 on 2008/11/1. He will make two more payments on 2011/10/01 and 2013/7/01, with the payment on 2011/10/01 being 20% higher than that on 2013/7/01. What payment will he make on 2013/7/01? Remark: Dates are given in the format YYYY/MM/DD.

Expert Solution

Colby Messinger answered 1 month ago

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