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Mr. Smith owes $33,925 bearing interest at 8.55% c.a. for 4 years due in three months. This debt is commuted into three equal payments due
Mr. Smith owes $33,925 bearing interest at 8.55% c.a. for 4 years due in three months. This debt is commuted into three equal payments due 6, 9 and 12 months hence. The interest rate is set at 5.65% c.m. Determine the amount of new payments.
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