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majarm majarm
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6 years ago
Debt obligations of $700.00 due three months ago and $1810.00 due in one month are to be repaid by a payment of $1200.00 today and the balance in six months. What is the size of the final payment if interest is 7.75% and the agreed focal date is one month from now?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
Let the size of the final payment be $x.
The focal date is one month from now.
700  + 1810.00 = 1200  + 
   718.08 + 1810.00 = 1207.75 + 
   1320.33 = .9687185x
   1362.97 = x
The size of the final payment is $1362.97.
wrote...
3 years ago
thank you
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