A man borrows $1000 on the understanding that it is to be paid back in four equal installments at intervals of six months; the first payment to be made six months after the money was borrowed. Calculate the amount of each installment, reckoning compound interest at 2½% per half-year.
A man borrows $1000 on the understanding that it is to be paid back in four equal installments at intervals of six months; the first payment to be made six months after the money was borrowed. Calculate the amount of each installment, reckoning compound interest at 2½% per half-year.
