Two debts, the first of $1300 due six months ago and the second of $1800 borrowed two years ago for a term of five years at 3.7% 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.)

Clear all