A debt payment of $5500 is due in 27 months. If money is worth 8.4% p.a. compounded quarterly, what is the equivalent payment
A debt payment of $5500 is due in 27 months. If money is worth 8.4% p.a. compounded quarterly, what is the equivalent payment.
FV=PV[1 + R]^N
FV=5,500[1 + .084/4]^27/3
FV=5,500[1 + .021]^9
FV=5,500 x 1.021^9
FV=5,500 x 1.20567895
FV=$6,631.23
