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Two debts, the first of $1500 due three months ago and the second of $1200 borrowed two years ago for a term of five years
Two debts, the first of $1500 due three months ago and the second of $1200 borrowed two years ago for a term of five years at 3.3% compounded annually, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 4.3% 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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