Amount required to settle both debts at end of four years

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Reference no: EM131307967

A person owes $1575 at the end of 1 year(s) and $3600 at the end of 6 years. Due to financial difficulty, the person is allowed by the lender to settle both debts with a single payment at the end of 4 years using 17.5% compounded monthly for the settlement. Determine the amount required to settle both debts at the end of 4 years.

Reference no: EM131307967

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