A Debt of $17 000

question 114

Essay

A debt of $17 000.00 is repaid by quarterly payments of $1430.00. If interest is 6.12% compounded quarterly, what is the size of the final payment?

---

Definitions:

Non-exempt Property

Assets that can be seized in bankruptcy proceedings because they are not protected by exemption laws, possibly being sold off to pay creditors.

Wage Garnishment

A legal procedure in which a portion of an individual's earnings is withheld by an employer for the payment of a debt.

Federal Consumer Credit Protection Act

Legislation designed to ensure fair and informed use of credit, protecting consumers from abusive practices by creditors.

Law Enforcement Lien

A legal claim or hold placed on property by a law enforcement agency due to pending legal action or investigation.