Question

1. A debt of ​$9239.82 is repaid by payments of ​$1356.45 in 8 ​months, ​$1151.87 in 13 ​months, and a final payment in 35 months. If interest was 7% compounded annually, what was the amount of the final​ payment?

2. Joan borrowed ​$14,000.00 to buy a car. She repaid ​$3700.00 three months later and ​$5900.00 eight months later. After twelve​ months, she borrowed an additional ​$4400.00​, and repaid ​$4100.00 after 19 months. She paid the entire​ balance, including the​ interest, after 24 months. Interest was 6​% compounded monthly for the first year and 5.4​% compounded monthly for the remaining time. What was the size of the final​ payment?

Answer 1

1.
=(9239.82-1356.45/(1+7%)^(8/12)-1151.87/(1+7%)^(13/12))*(1+7%)^(35/12)=8372.05649021955

2.
=14000*(1+6%/12)^12*(1+5.4%/12)^12-3700*(1+6%/12)^9*(1+5.4%/12)^12+4400*(1+5.4%/12)^12-4100*(1+5.4%/12)^5=12052.6770450408