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Michael owes $30,000 bearing interest at 8% c.a. for 3 years due in 3 months. This debt is commuted into 3 equal payments due 6,

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Michael owes $30,000 bearing interest at 8% c.a. for 3 years due in 3 months. This debt is commuted into 3 equal payments due 6, 9, and 12 months hence. The interest rate is set at 7% c.m. Determine the amount of the new payments

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