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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
Payments of $5100 each due in five, ten, and fourteen months from now are to be settled by three equal payments due today, seven months from now, and eleven months from now. What is the size of the equal payments if interest is 8.75% and the agreed focal date is today?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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#1
6 years ago
Let the size of the equal payments be $x.
The focal date is today.
  +   +   = x +   + 
   4920.60 + 4753.40 + 4627.60 =   + 
   14301.60 = x + .951437x + .9257474x
   14301.60 = 2.8771844x
   4970.69 = x
The size of the equal payments is $4970.69.
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