Mr. Pitkin bought a farm and promised to pay $7550 in 6 years with 7.5% simple...
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Mr. Pitkin bought a farm and promised to pay $7550 in 6 years with 7.5% simple interest and $10175 in 14 years with 10.25% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $7600 at the end of 4 years and to make a final payment at the end of 11 years. Based on a simple interest rate of 13.5%, determine the amount required to settle the debt at the end of 11 years. $ Mr. Pitkin bought a farm and promised to pay $7550 in 6 years with 7.5% simple interest and $10175 in 14 years with 10.25% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $7600 at the end of 4 years and to make a final payment at the end of 11 years. Based on a simple interest rate of 13.5%, determine the amount required to settle the debt at the end of 11 years. $
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To determine the amount required to settle the debt at the end of 11 years we need to calculate the ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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