An $8,000 Loan at an Interest Rate of 6

question 66

Short Answer

An $8,000 loan at an interest rate of 6.5% is to be repaid in three equal payments at six months, nine months, and one year later. Determine the size of the equal payments.

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Definitions:

Barter Economy

An economic system where goods and services are exchanged directly for other goods and services without the use of money as a medium.

Money Economy

A system where goods and services are exchanged using money as a medium, rather than through barter.

Money Economy

A system in which goods and services are traded using money as a medium of exchange rather than barter.

Barter Economy

An economic system where goods and services are exchanged directly for other goods and services without using money.