Payments of $400 due eight months ago and $650 due three months ago were not made. Now
Question:
Payments of $400 due eight months ago and $650 due three months ago were not made. Now the debtor is proposing to “make good” by two future payments that provide for a 7.5% compounded monthly rate of return to the creditor on the missed payments. The first payment will be made in two months. The second payment, twice as large as the first, will be made in seven months. Determine the amount of each payment.
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Let x represent the size of the first replacement payment For equivalence at a focal ...View the full answer
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JAIVEER YADAV
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