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A payment of $16,000 was due today. The borrower was unable to make the payment and agrees to a new repayment schedule. He will repay

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A payment of $16,000 was due today. The borrower was unable to make the payment and agrees to a new repayment schedule. He will repay the loan in 2 equal payments. One of the payment is due in 4 months from now and the other payment is due in 7 months from now. The interest rate charged by the lender is 3.65% compounded monthly. Calculate the value of the 2 equal payments. Your

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