A loan contract called for a payment after two years of $1500 PLUS INTEREST at 8% compounded quarterly, and a second payment after four years of $2400 PLUS INTEREST at 8% compounded quarterly. What would you pay to purchase the contract 18 months after the contract date if you require a return of 10.5% compounded semiannually? (Hint: 4-step solution.) A loan contract called for a payment after two years of $1500 PLUS INTEREST at 8% compounded quarterly, and a second payment after four years of $2400 PLUS INTEREST at 8% compounded quarterly. What would you pay to purchase the contract 18 months after the contract date if you require a return of 10.5% compounded semiannually? (Hint: 4-step solution.)