A loan payment of $1500.00 was due 10 days ago and another payment of $900.00 is due 50 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 8% and the agreed focal date is 120 days from now? Question content area bottom Part 1 The value of the payment is S enter your response here. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

A loan payment of $1500.00 was due 10 days ago and another payment of $900.00 is due 50 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 8% and the agreed focal date is 120 days from now? Question content area bottom Part 1 The value of the payment is S enter your response here. (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

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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