Question: Kenneth owes $ 1 2 , 0 0 0 to a friend who is charging him simple interest of 3 . 5 0 % p

Kenneth owes $

12, 000

to a friend who is charging him simple interest of

3.50 %

.

.

He is required to settle the loan with two equal payments, one today and the other in five months. Calculate the size of the equal payments using five months as the focal date.

0.00

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