Debt payments of $2,400 and $1,150 are due in six months and eight months, respectively. What...
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Debt payments of $2,400 and $1,150 are due in six months and eight months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 7.40% p.a. and use one month from now as the focal date. Round to the nearest cent Debt payments of $2,400 and $1,150 are due in six months and eight months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 7.40% p.a. and use one month from now as the focal date. Round to the nearest cent
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Answer rating: 100% (QA)
To calculate the single payment required to settle both debts we need to determine the present value ... View the full answer
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
Posted Date:
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