Jean owes $1000 due in 4 years and $9000 due in 9 years, both due with...

 

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Jean owes $1000 due in 4 years and $9000 due in 9 years, both due with simple interest at 6%. What two payments, the first in 2 years and the other in 7 years would pay off both of these debts? The first payment will be double the size of the second payment. Use 6 years as the focal date. The simple interest rate is now 3%. Jean owes $1000 due in 4 years and $9000 due in 9 years, both due with simple interest at 6%. What two payments, the first in 2 years and the other in 7 years would pay off both of these debts? The first payment will be double the size of the second payment. Use 6 years as the focal date. The simple interest rate is now 3%.

Answer rating: 100% (QA)

Jean owes 13860 7 Jean owes 1000 due in 4 year... View the full answer