Nine months ago, Muriel agreed to pay Aisha $1200 and $800 on dates 6 and 12 months,

Question:

Nine months ago, Muriel agreed to pay Aisha $1200 and $800 on dates 6 and 12 months, respectively, from the date of the agreement. With each payment Muriel agreed to pay interest at the rate of 8 ½ % from the date of the agreement. Muriel failed to make the first payment and now wishes to settle her obligations with a single payment four months from now. What payment should Aisha be willing to accept if money can earn 6 ¾ %?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: