What single payment six months from now would be economically equivalent to payments of $1300 due (but not paid) four months ago and $1600 due in 12 months? Assume money can earn 3.5% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Equivalent payment ?? $
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
What single payment six months from now would be economically equivalent to payments of $1300 due (but not paid) four months ago and $1600 due in 12 months? Assume money can earn 3.5% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Equivalent payment ?? $
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