Jaskirat SingH

CAT Preparation Community 2y ago

Dr. Swawicki obtained a variable rate loan of $ 10,000. The lender required payment of at least $2,ooo each year. After nine months the doctor paid $2500, and another nine months later she paid $3000. What amount was owed on the loan after two years if interest rate was 6.6% compounded monthly for the first year and 7% compounded quarterly for second year?