Loan payments of $3000 due one year ago and $2500 due in four years are to be

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Loan payments of $3000 due one year ago and $2500 due in four years are to be replaced by two equal payments. The first replacement payment is due now and the second payment is due in six years. Determine the size of the two replacement payments if interest is 6.9% compounded monthly and the focal date is now.
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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