Posted by **kerry** on Monday, October 8, 2012 at 10:38pm.

Raisel borrowed money from Irlene and agreed to pay back $400 today and $300 in 5 years. If Raisel has a lot of money available now and wants to pay back the loan today, how much money would she have to pay Irlene if the loan was at 6.75% compounded quarterly? For full marks your answer(s) should be rounded to the nearest cent.

the answer is $614.67, but im not sure how to get that!

## Answer this Question

## Related Questions

- math - Liam borrowed a sum of money from his parents as an interest free loan to...
- Annuity! - When Raisel's son was born, she put $7,500 in an investment that ...
- Math - Joanie takes a $6,000 loan to pay for her car. The annual interest reate...
- 5 - 5. Assume you borrow $5,000 today and pay back the loan in one lump sum four...
- math! - When Raisel's son was born, she put $7,500 in an investment that earns 5...
- Survey of Mathematics - On January 5, Ebony Davis borrowed $6,500 on a simple ...
- Urgent! Help please! - On January 5, Ebony Davis borrowed $6,500 on a simple ...
- Survey of mathematics - On January 5, Ebony Davis borrowed $6,500 on a simple ...
- Algebra - Joanie takes a $6000 loan to pay for her car. The interest rate on the...
- English - Thank you for your last corrections. Here are some more sentences for ...

More Related Questions