Find the Amount of Each Regular Payment to Provide $6,000

question 273

Multiple Choice

Find the amount of each regular payment to provide $6,000 in 7 years, at an annual rate r = 8%, compounded annually.

• A)$687.58
• B)$684.73
• C)$672.43
• D)$680.01
• E)$657.13

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Definitions:

Dishonored Note

A promissory note that has not been paid by the maker at its maturity date.

Promissory Note

A written, unconditional promise by one party to pay a certain sum of money to another party at a specified date or on demand.

Amount Due

The total sum of money owed to a creditor by a debtor at a specific date.

Credit Card Expense

The fees and interest costs associated with the use of credit cards by individuals or businesses.