Two debts, the first of $1500 due nine months ago and the second of $1800 borrowed two years ago for a term of four years at 3.2% compounded annually, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 3.8% compounded quarterly and the focal date is one year from now. COMMIT The size of the replacement payment is $ (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Two debts, the first of $1500 due nine months ago and the second of $1800 borrowed two years ago for a term of four years at 3.2% compounded annually, are to be replaced by a single payment one year from now. Determine the size of the replacement payment if interest is 3.8% compounded quarterly and the focal date is one year from now. COMMIT The size of the replacement payment is $ (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Two debts, the first of $1500 due nine months ago and the second of $1800 borrowed two years ago for a term of
four years at 3.2% compounded annually, are to be replaced by a single payment one year from now. Determine the
size of the replacement payment if interest is 3.8% compounded quarterly and the focal date is one year from now.
The size of the replacement payment is $
(Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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