MrsSingh Owes Mr

Mrs.Singh owes Mr.Valdy $55,513.78 in 14-months.Mr.Valdy agrees to let her repay the loan with a payment of $35,000 in 6-months,$10,000 in 8-months and $X in 14-months.If money is worth j₄ = 6%,what is the value of X,using 14-months as the focal date along with the exact method of crediting/charging interest?

A) $8793.97
B) $9204.40
C) $9230.06
D) $9794.03

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free