Question
Todd agreed to pay Laurie two payments of $1500: one on May 1 and the second on October 1. Todd now wishes to settle the
Todd agreed to pay Laurie two payments of $1500: one on May 1 and the second on October 1. Todd now wishes to settle the debt with one equivalent payment on August 1. if the money was borrowed at 4.25% compounded monthly, what single payment on August 1 will settle the debt?
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Money Talks Explaining How Money Really Works
Authors: Nina Bandelj ,Frederick F. Wherry ,Viviana A. Zelizer
1st Edition
0691202893, 978-0691202891
