Question: Nora borrows $37 500 on September 28, 2015, at 7% p.a. simple interest, to be repaid on October 31, 2016. She has the option of

Nora borrows $37 500 on September 28, 2015, at 7% p.a. simple interest, to be repaid on October 31, 2016. She has the option of making payments toward the loan before the due date. Nora pays $6350 on February 17, 2016, $8250 on July 2, 2016, and $7500 on October 1, 2016. Compute the payment required to pay off the debt on the focal date of October 31, 2016.

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