Payments of $1,800 in 1 year and another $2,700 in 6 years to settle a loan are to be rescheduled with a payment of $1,000 in 18 months and the balance in 36 months. Calculate the payment required in 36 months for the rescheduled option to settle the loan if money earns 3.85% compounded semi-annually during the above periods.

Payments of $1,800 in 1 year and another $2,700 in 6 years to settle a loan are to be rescheduled with a payment of $1,000 in 18 months and the balance in 36 months. Calculate the payment required in 36 months for the rescheduled option to settle the loan if money earns 3.85% compounded semi-annually 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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