Question: Nora borrows $37 500 on September 28, 2019 at 7% p.a. simple interest, to be repaid on October 31, 2020. She has the option of

Nora borrows $37 500 on September 28, 2019 at 7% p.a. simple interest, to be repaid on October 31, 2020. She has the option of making payments toward the loan before the due date. Nora pays $6350 on February 17, 2020, $8250 on July 2, 2020, and $7500 on October 1, 2020. Compute the payment required to pay off the debt on the focal date of October 31, 2020.

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