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What is the equivalent uniform monthly payment

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Point 1: You owe your best friend $2000. Because you are short on cash, you offer to repay the loan over 12 months under the following condition. The first payment will be $100 at the end of month one. The second payment will be $100+G at the end of month three, you will repay $100 + 2G. This pattern of increasing G amounts will continue for all remainig months.

Question 1: What is the value of G if the interest rate is 0.5% per month?

Question 2: What is the equivalent uniform monthly payment?

  • Repeat Part (a) when the first payment is $150 (i.e., determine G).

Reference no: EM132483098

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