To pay off a loan, John needs to make a payment of $1,785 in 5 months from now and another payment of $1,965 in 19 months from now. Instead, John wants to pay off the loan in 21 months from now. Assume the simple interest rate is 11.5% per year.

What is the total amount to pay off in 21 months from now?

Round the final answer to 2 decimals.

Answer rating: 100% (QA)

To calculate the total amount John needs to pay off the loan in 21 months from now we first need to ... View the full answer