Scheduled payments of $400 due today and $700 due with interest at 4.5% compounded monthly in eight

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Scheduled payments of $400 due today and $700 due with interest at 4.5% compounded monthly in eight months are to be settled by a payment of $500 six months from now and a final payment in 15 months. Determine the size of the final payment if money is worth 6% compounded monthly.
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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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