Question
Two debts, the first of $1200 due 3 months ago and the second of $1000 borrowed 2years ago for a term of 4 years at
Two debts, the first of $1200 due 3 months ago and the second of $1000 borrowed 2years ago for a term of 4 years at 4.4% compounded annualy, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 3.8% compounded and the focal date is one year from now.
The size of the replacement payment is $ ?
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The Financial Services Marketing Handbook
Authors: Evelyn Ehrlich
2nd Edition
1118065719, 978-1118065716
