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A variable rate demand loan showed an intial balance of $9000, payments of $2500 after 6 months, $2500 after 21 months, and a final payment after 4 years. Interest was 8% compounded quarterly for the first 21 months and 7.75% compounded monthly for thr remaining time. What was the size of the final payment?

 

Any help would be great.

 Nov 13, 2015
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The size of the final payment should be=$6,967.76

 Nov 13, 2015

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