A payment of $2,800 is due in 2 years and $3,600 is due in 4 years. These two original payments are to be rescheduled with a payment of $2,000 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 5.5% compounded quarterly.

Answer rating: 100% (QA)

To calculate the payment required in 3 years for the rescheduled option we can use the concept of pr... View the full answer