Payment of $903 due 2 months ago and $459 due today are to be repaid by a payment of $400 one month from today and the balance in 8 months from now. If money is worth 6% compounded monthly, and the agreed focal date is 8 months from today. What is the size of the final payment?

Answer rating: 100% (QA)

To solve this problem we can use the concept of the time value of money and calculate the present va... View the full answer