Jamil was scheduled to pay $3100 eight months ago, and an additional $5200 in 3 years from
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Jamil was scheduled to pay $3100 eight months ago, and an additional $5200 in 3 years from now. He did not make the $3100 payment. How much should his creditor be willing to accept in 18 months from now as full settlement of the entire debt if money can earn 6% compounded monthly?
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Settlement for the 3100 scheduled payment is occurring ...View the full answer
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