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Cheick takes out a loan from Erika. It is agreed that Cheick will pay back the loan in two payments, $ 6 , 2 0

Cheick takes out a loan from Erika. It is agreed that Cheick will pay back the loan in two payments, $6,200 after 2 years and $7,220 after 5 years. Cheick decides he wants to renegotiate the payment schedule so that he has two equal payments at 1 and 6 years. What should Cheick's equal payments be? Assume money can earn 3.6% interest compounded quarterly.
Original Payment Schedule:
Start by calculating the following values on the time diagram for the original payment schedule.
PV1=$
PV2=$
Total =$
:]
Reneqotiated Payment Schedule:
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