Payments of $1,700 in 1 year and another $2,900 in 5 years to settle a loan are to be rescheduled with a payment of $800 in 23 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 7.5% compounded monthly during the above periods.
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Question

07-06-2024
Business

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Payments of $1,700 in 1 year and another $2,900 in 5 years to settle a loan are to be rescheduled with a payment of $800 in 23 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 7.5% compounded monthly during the above periods.
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Sagot :

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