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Two debts, the first of $1000 due three months ago and the second of $1700 borrowed two years ago for a term of four years
Two debts, the first of $1000 due three months ago and the second of $1700 borrowed two years ago for a term of four years at 3.5% compounded annually, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 2.8% compounded quarterly and the focal date is one year from now. The size of the replacement payment is $ (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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