Question: Stephen owes ( $ 1 5 , 0 0 0 ) to a friend who is charging him simple interest of

Stephen owes

\ (\

15, 000 \)

to a friend who is charging him simple interest of

\ (3.75 \ % \)

.

.

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

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