Payments of $1,200 in 1 year and another $2,500 in 6 years to settle a loan are to be rescheduled with a payment of $900 in 14 months and the balance in 30 months. Calculate the payment required in 30 months for the rescheduled option to settle the loan if money earns 3.8% compounded monthly during the above periods.

Payments of $1,200 in 1 year and another $2,500 in 6 years to settle a loan are to be rescheduled with a payment of $900 in 14 months and the balance in 30 months. Calculate the payment required in 30 months for the rescheduled option to settle the loan if money earns 3.8% compounded monthly during the above periods.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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