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Four years ago Aminata borrowed $5,000 from Randal with interest at 8% compounded quarterly to be repaid one year from today. Two years ago Aminata
Four years ago Aminata borrowed $5,000 from Randal with interest at 8% compounded quarterly to be repaid one year from today. Two years ago Aminata borrowed another $2,500 from Randal at 6% compounded monthly to be repaid two years from today. Aminata would like to restructure the payments so that she can pay 15 months from today and 2 years from today. The first payment is to be twice the size of the second payment. Randal accepts an interest rate of 6.27% compounded monthly on the proposed agreement. Calculate the amounts of each payment.
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