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April 18, 2015

Homework Help: college math

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!

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