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A year ago
A loan payment of $1700 was due 60 days ago and another payment of $1200 is due 45 days from now. What single payment 90 days from now will pay off the two obligation if interest is to be 14% and the agreed focal date is 90 days from now?
Textbook 

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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wrote...
Posts: 354
A year ago
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Let the size of the single payment be $x.
The focal date is 90 days from now.
The equation of equivalence is
1700.00  + 1200.00  = x
   1797.81 + 1220.71 = x
   x = 3018.52
The single payment 90 days from now is $3018.52.
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