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Home Q & A Board Science-Related Homework Help Mathematics
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Hillier Hillier
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Posts: 550
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6 years ago
Debt payments of $1170.00 due two months ago and $1243.00 due today respectively are to be repaid by a payment of $1505.00 in one month and the balance in four months. If money is worth 8.4% p.a. and the agreed focal date is four months from now, what is the size of the final payment?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
#1
6 years ago
Let the size of the final payment be $x.
At the agreed focal date (4 months from now):
1170  + 1243  = 1505  + x
   1219.14 + 1277.80 = 1536.61 + x
   960.33 = x
The size of the final payment is $960.33.
Hillier Author
wrote...
#2
6 years ago
Thank you for helping
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