Cameron was supposed to pay Sarah $4,900, 6 months ago, and $1,300, 5 months from now. If he wants to reschedule these payments with two payments, one payment of $2,900 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 4.75% p.a. and the agreed focal date is 3 months from now.

Answer rating: 100% (QA)

To calculate the balance amount to be paid 3 months from now we need to find ... View the full answer