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Jack and Jill's house suffered a loss because of the wildfire in parts of B.C. The couple needs to borrow some money to fix their
Jack and Jill's house suffered a loss because of the wildfire in parts of B.C. The couple needs to borrow some money to fix their basement. Their debts of $2800.00 due three months from now and $4600.00 due twenty one month from now are to be settled by two equal payments due in three months and nine months from now respectively. Determine the size of the equal replacement payments if interest is 5.5% p.a. compounded quarterly.
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