Multiple Choice
Jacques takes out a loan and agrees to pay it back with payments of $500 at the end of every 6-months for 10 years at j2 = 8% (20 payments in total) .He makes the first 3 payments (time 1 to 3) ,but misses the next 3 (time 4 to 6) .What single payment would he need to pay at the time of the 7th payment (time 7) that would make up for the 3 missed payments AND pay off the remaining payments?
A) $4992.82
B) $5492.82
C) $6326.15
D) $7116.05
Correct Answer:
Verified
Correct Answer:
Verified
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