Three Equal Payments Were Made 2, 4, and 6 Years

question 109

Short Answer

Three equal payments were made 2, 4, and 6 years after the date on which a $9,000 loan was granted at 10% compounded quarterly. If the balance immediately after the third payment was $5,169.81, what was the amount of each payment?

Identify and describe major concepts in measuring disorder prevalence and incidence.

Distinguish between different psychological disorders and symptoms.

Relate historical and social contexts to the treatment and perception of mental illnesses.

Understand the legal and societal implications of terms related to mental health.

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Definitions:

Unit Contribution Margin

The difference between the selling price per unit and the variable cost per unit. This figure shows how much each unit contributes to covering fixed costs and generating profit.

Fixed Costs

Expenses that do not change in total as production volume increases or decreases, such as rent and salaries.

Safety Margin

The difference between the actual level of sales or production and the break-even point, measuring the cushion a company has before it incurs losses.

Break Even Point

The financial analysis term where total revenues equal total expenses, and there is no profit or loss.