Payments of $4000 each due in four, nine, and eleven months from now are to be settled

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Payments of $4000 each due in four, nine, and eleven months from now are to be settled by two equal payments due today and twelve months from now. What is the amount of the equal payments if interest is 7.35% and the agreed focal date is today?

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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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Payments of $4000 each due in four, nine, and eleven months from now are to be settled

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Contemporary Business Mathematics with Canadian Applications

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