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gewusel gewusel
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6 years ago
A debt of $1410.00 due 6 months ago and a second debt of $1815.00 due in 4 months with interest at 6.16% p.a. are to be settled by two equal payments due now and 9 months from now respectively. Find the size of the equal payments at 7.37% p.a. with the agreed focal date 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 equal payments be $x.
Maturity value of 2nd debt = 1815.00  = 1852.27
1410  +   = x + 
1461.96 + 1807.86 = x + .9476203x
   3269.82 = 1.9476203x
   1678.88 = x
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