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:

Prevalence Rate

The proportion of a population found to have a condition at a specific time.

Adults

Individuals who have reached the age where they are considered to be fully developed physically, mentally, and socially, usually marked by legal ages of majority.

Religious-accommodative Therapies

Therapeutic approaches that incorporate or respect an individual's religious beliefs and practices as part of the treatment process.

Meta-analyses

Statistical methods that combine the results of multiple scientific studies to integrate findings and draw comprehensive conclusions.