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A debt of $1006 was due 163 days ago and one of $1396 is due in 263 days. A credit advisor decides you should settle
A debt of $1006 was due 163 days ago and one of $1396 is due in 263 days. A credit advisor decides you should settle the debts with two equal payments: the first payment is to be made today and the second in 422 days from today. Find the size of the equal payments if interest is 4.1% per annum. Use today as your focal date, and give your answer rounded to the nearest cent.
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