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What is the size of the equal payment

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Reference no: EM132851026

Question - Bob was due to make loan payments of 15,000 three months ago and $10,000 in one month. Instead, he would like to settle the debt by two equal payments. The first payment is today and the second payment is in 3 months. If he was charged 9% simple interest, what is the size of the equal payment? Use one month from today as focal date. Express your answer in 2 decimal places.

Reference no: EM132851026

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