Payments of $1,750 in 1 year and another $2,200 in 6 years to settle a loan are to be rescheduled with a payment of $850 in 24 months and the balance in 36 months. Calculate the payment required in 36 months for the rescheduled option to settle the loan if money earns 5.05% compounded semi-annually during the above periods.

Payments of $1,750 in 1 year and another $2,200 in 6 years to settle a loan are to be rescheduled with a payment of $850 in 24 months and the balance in 36 months. Calculate the payment required in 36 months for the rescheduled option to settle the loan if money earns 5.05% compounded semi-annually during the above periods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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