Payments of $1,400 in 1 year and another $2,900 in 6 years to settle a loan...

Transcribed Image Text:

Payments of $1,400 in 1 year and another $2,900 in 6 years to settle a loan are to be rescheduled with a payment of $1,000 in 15 months and the balance in 24 months. Calculate the payment required in 24 months for the rescheduled option to settle the loan if money earns 3.75% compounded quarterly during the above periods. Round to the nearest cent Payments of $1,400 in 1 year and another $2,900 in 6 years to settle a loan are to be rescheduled with a payment of $1,000 in 15 months and the balance in 24 months. Calculate the payment required in 24 months for the rescheduled option to settle the loan if money earns 3.75% compounded quarterly during the above periods. Round to the nearest cent