Your friend was supposed to repay you $250 1 month ago and $125 15 days ago. You instead agree to receive two equal payments from them 2 months and 4 months from now. If you are charging your friend 15% interest, determine the size of the equal payments.

Your friend was supposed to repay you $250 1 month ago and $125 15 days ago. You instead agree to receive two equal payments from them 2 months and 4 months from now. If you are charging your friend 15% interest, determine the size of the equal payments.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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