The agreed-open annual interest rate is 75 compounded, Financial Management

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The agreed-open annual interest rate is 75 compounded

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?

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Financial Management: The agreed-open annual interest rate is 75 compounded

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