A person contracts two obligations of $ 10,000.00 and $ 15,000.00 that will be paid, the first within 3 months and the second within 9 months. The debtor proposes to the creditor to pay the debt as follows: $ 8,000.00 within 6 months of having contracted the obligations and the balance within 1 year. How much will you have to pay at the end of the year to pay off the debt? consider a 12% annual interest rate.
A person contracts two obligations of $ 10,000.00 and $ 15,000.00 that will be paid, the first within 3 months and the second within 9 months. The debtor proposes to the creditor to pay the debt as follows: $ 8,000.00 within 6 months of having contracted the obligations and the balance within 1 year. How much will you have to pay at the end of the year to pay off the debt? consider a 12% annual interest rate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A person contracts two obligations of $ 10,000.00 and $ 15,000.00 that will be paid, the first within 3 months and the second within 9 months. The debtor proposes to the creditor to pay the debt as follows: $ 8,000.00 within 6 months of having contracted the obligations and the balance within 1 year. How much will you have to pay at the end of the year to pay off the debt? consider a 12% annual interest rate.
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