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Slide: 1 2 Ben is required to pay back a loan in two instalments: $ 2 8 0 0 in 5 months and $ 4

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Ben is required to pay back a loan in two instalments: $2800 in 5 months and $4000 in 8 months. He realized that he would not have the money to repay these amounts as scheduled but will be able to clear the loan with one single payment in 15 months. What would be the value of this single payment if interest on the loan is 6.75% p.a.? Use 15 months as the focal date.
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