A payment of $5,080 was due 4 months ago and another payment of $2,210 is due in 13 months. Assuming an interest rate of 4.7% p.a., determine a single equivalent payment 4 months from now that settles the two payments? (Hint: use 4 months from now as the focal date.) $

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A: A radio commercial for a loan company states: " You only pay 37c a day for each $500 borrowed". You…

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A: Solution