Question
Loan payments of $750 due 210 days ago and $1,250 due 60 days ago are to be replaced by a payment of $1,000 today and
Loan payments of $750 due 210 days ago and $1,250 due 60 days ago are to be replaced by a payment of $1,000 today and the balance 85 days from today. If money is worth 5% p.a. and the agreed focal date is 85 days from today , what is the size of the final payment?
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Managerial Accounting
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
13th Edition
978-0073379616, 73379611, 978-0697789938
