Melissa was supposed to pay Erik $4,100, 6 months ago, and $1,760, 5 months from now. If she wants to reschedule these payments with two payments, one payment of $3,900 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 6.75% p.a. and the agreed focal date is 3 months from now. $203.38 Round to the nearest cent

Melissa was supposed to pay Erik $4,100, 6 months ago, and $1,760, 5 months from now. If she wants to reschedule these payments with two payments, one payment of $3,900 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 6.75% p.a. and the agreed focal date is 3 months from now. $203.38 Round to the nearest cent

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 13E

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