Question
Payments of $1,500 in 1 year and another $2,600 in 6 years to settle a loan are to be rescheduled with a payment of $1,050
Payments of $1,500 in 1 year and another $2,600 in 6 years to settle a loan are to be rescheduled with a payment of $1,050 in 18 months and the balance in 30 months. Calculate the payment required in 30 months for the rescheduled option to settle the loan if money earns 4.25% compounded semi-annually during the above periods. Please show work.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
