Dan borrowed $1100 today and is to repay the loan in two equal payments, one in four

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Dan borrowed $1100 today and is to repay the loan in two equal payments, one in four months and one in six months. If interest is 8.5% on the loan, what is the size of the equal payments if a focal date of today is used?

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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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Question Posted: Feb 26, 2016 03:41 AM

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Dan borrowed $1100 today and is to repay the loan in two equal payments, one in four

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Contemporary Business Mathematics with Canadian Applications

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