A person owes $2400 at the end of 1 year(s) and $7850 at the end of 6 years. Due to financial difficulty, the person is
A person owes $2400 at the end of 1 year(s) and $7850 at the end of 6 years. Due to financial difficulty, the person is allowed by the lender to settle both debts with a single payment at the end of 4 years using 17.5% compounded monthly for the settlement. Determine the amount required to settle both debts at the end of 4 years.
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Authors: Howard Glennerster
2nd Edition
1847421091, 978-1847421098
