Provide an appropriate response.A debt of $12,000, which is due 10 years from now, is instead to be paid off by four payments: $3000 now, $2000 in 3 years, $2000 in 6 years, and a final payment at the end of 8 years. What would this payment be if an interest rate of 5.5% compounded semiannually is assumed?

Question

Fill in the blank(s) with the appropriate word(s).

Answer 1

$1282.91