Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Six months ago , Emily borrowed $ 1 5 0 0 from Alex and planned to oya back in three payments. The payments were to

Six months ago , Emily borrowed $1500 from Alex and planned to oya back in three payments. The payments were to be made in 4,8and ,12 months after borrowing the money . Each payment include the principal of $509 and annual simple interest at the rate of 10% from the date of agreement. Today , Emily is asking Alex to accept the sum of two months from now instead of remaining debr. What should be the amount of this lump sum payment?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cases In Healthcare Finance

Authors: Louis C. Gapenski

3rd Edition

1567932444, 9781567932447

More Books

Students also viewed these Finance questions

Question

3. Use personal best goals, not between-student competition.

Answered: 1 week ago

Question

=+f. Does it promise a benefit or solve a problem?

Answered: 1 week ago

Question

=+ Why do some seem like a personalized, individual message?

Answered: 1 week ago