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Kyle was supposed to pay Erin $4,900, 6 months ago, and $1,660, 5 months from now- If he wants to reschedule these payments with two payments, one payment of $2,100 today and the balance 3 months from now, calculate the balance amount. Assume tha the simple interest charged is 4.50% p.a. and the agreed focal date is 3 months from now.

Kyle was supposed to pay Erin $4,900, 6 months ago, and $1,660, 5 months from now- If he wants to reschedule these payments with two payments, one payment of $2,100 today and the balance 3 months from now, calculate the balance amount. Assume tha the simple interest charged is 4.50% p.a. and the agreed focal date is 3 months from now.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kyle was supposed to pay Erin $4,900, 6 months ago, and $1,660, 5 months from now. If he wants to reschedule these payments with two payments, one payment of $2,100 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 4.50% p.a. and the agreed focal date is 3 months from now. Round to the nearest cent
Transcribed Image Text:Kyle was supposed to pay Erin $4,900, 6 months ago, and $1,660, 5 months from now. If he wants to reschedule these payments with two payments, one payment of $2,100 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 4.50% p.a. and the agreed focal date is 3 months from now. Round to the nearest cent
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