Jordan was supposed to pay Courtney $4,200 6 months ago and $2,220 in 5 months. If he wants to repay this amount with two payments of $3,500 today and the balance amount in 3 months, calculate the balance amount. Assume interest is 2.40% p.a. and the agreed focal date is 3 months from now.

Jordan was supposed to pay Courtney $4,200 6 months ago and $2,220 in 5 months. If he wants to repay this amount with two payments of $3,500 today and the balance amount in 3 months, calculate the balance amount. Assume interest is 2.40% p.a. and the agreed focal date is 3 months from now.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

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