question archive A $3,000 loan at 7
A $3,000 loan at 7
Subject:FinancePrice:2.86 Bought10
A $3,000 loan at 7.5% was repaid by two equal payments made 30 days and 60 days after the date of the loan. Determine the amount of each payment. Use the loan date as the focal date. (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.)
Loan payment _____$
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Present value = Future value/(1+i)^n
i = interest rate per period
n= number of periods
=>
3000 = x/(1+0.075)^(30/365) + x/(1+0.075)^(60/365)
=>
loan payment x = 1513.43
