A loan payment of $1000.00 was due 10 days ago and another payment of $700.00 is due 50 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 9% and the agreed focal date is 120 days from now? The value of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

A loan payment of $1000.00 was due 10 days ago and another payment of $700.00 is due 50 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 9% and the agreed focal date is 120 days from now? The value of the payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 10P

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