Three Equal Payments Were Made One, Two, and Three Years

question 186

Short Answer

Three equal payments were made one, two, and three years after the date on which a $10,000 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $5,326.94, what was the amount of each payment?

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Definitions:

Neural Messages

Information transmission through electrical and chemical signals within the nervous system.

Electromagnetic Energy

Energy that is reflected or emitted from objects through electrical or magnetic waves traveling through space.

Gamma Waves

Brain waves that are associated with perception, consciousness, and complex cognitive processing.

Radio Transmission Waves

Electromagnetic waves used in wireless communication systems to transmit information through the air without requiring a direct line of sight.