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Determine the size of Danny debt as of today

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Question - Danny has agreed to repay a debt by using the following repayment schedule. Starting today, he will make $500 payments at the beginning of each quarter for the next one-and-a-half years. After one-and-a-half years, he will make $1000 payments at the beginning of each quarter for two years, which will pay off his debt completely. For the first one-and-a-half years, the interest on the debt is 9% compounded monthly. For the next two years the interest is lowered to 8% compounded annually. Determine the size of Danny's debt as of today.

Reference no: EM132801989

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