Portia was supposed to pay Jenila $3,000 2 months ago and $4,500 in 6 months. Portia missed the first payment and wants to replace the original agreement with 3 equal payments: the first payment due today, the second payment in 3 months and the last payment in 8 months. 

Calculate the value of all 3 payments using today as the focal date? Use a simple interest rate of 3%.

Answer rating: 100% (QA)

To calculate the value of the three equal payments that Portia will make to replace the original agr... View the full answer