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March 25, 2017

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Colin borrowed some money at 7.16%?a compounded quarterly. three years later. he paid $5000 toward the principal and the interest. after another two years, he paid another $5000. after another five years, he paid the remainder of the principal and the interest, which totalled $5000. how much money did he originally borrow?

  • math-finance - ,

    r=0.0716/4 = 0.0179
    A*1.0179^40= (5000*1.0179^28+5000*1.0179^20+5000)
    A=$10,006.67

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