Question: A friend has asked you to help them with a financial calculation. They want to settle two outstanding loans by making a single payment

A friend has asked you to help them with a financial calculation. They want to settle two outstanding loans by making a single payment one year from today. The first loan of $2400 was due 2 years ago today and the second loan of $5400 is due in 3 years from today. The interest rate is 5.2% compounded semi-annually. How much would your friend have to pay in a year to settle the loan? Loan One - $2400 P/Y = C/Y = N = I/Y = PV = PMT= 0 FV = Loan Two $5400 P/Y = C/Y = N = I/Y= PV = PMT = 0 FV = Therefore the total amount of the single payment is

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