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You owe $1800 in 90-days and another $1500 in 160-days. It is agreed that you will instead make a payment of 2X in 60-days and
You owe $1800 in 90-days and another $1500 in 160-days. It is agreed that you will instead make a payment of 2X in 60-days and another payment of X in 210 days to replace these two payments and completely pay off the loan. The lender agrees with this, but says that a simple interest rate of 8% must be used along with ordinary interest. If you use a focal date of 160-days, what is the value of X?
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