The agreed-open annual interest rate

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Reference no: EM132044324

You have borrowed as follows:

Januray 1, 2008 $52000

July 1, 2009 $35000

January 1, 2010 $30000

a. The agreed-open annual interest rate is 7.5% compounded semi-annually. How much did you owe on July 1, 2010?

b. If you agreed to make the first of 15 monthly payments on October 1, 2010. Assume the interest rate is still 7.5% but is compounded monthly. How much was each of the 15 payments?

Reference no: EM132044324

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