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Can I get a detailed answer going threw all the steps so I can check my...

Can I get a detailed answer going threw all the steps so I can check my answer.

A total debt of $ 1,000 due now, $4000 due 2 years from now, and $6000 due 5 years from now is to be repaid by 3 payments.

(1) The first payment is made now.

(2) The second payment, which is 80% of the first, is made at the end of 30 months from now.

(3) The third payment, which is 60% of the second, is made at the end of 4 years from now.

The annual interest rate is 4%, compounded semi-annually. Calculate the amount of each of the three payments. A timeline is required for full points.

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Expert Solution

ekkarill92 answered 2 years ago
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