Debts of $1480

question 103

Essay

Debts of $1480.00 due four months ago and $1385.00 due in one month are to be settled by two equal payments due now and nine months from now respectively. Find the size of the equal payments at 12% p.a. with the agreed focal date now.

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Definitions:

Handwritten Terms

Handwritten terms are provisions or conditions manually written in a contract or agreement, which can add specificity or clarity to the document's stipulations.

Undated

A document or item that does not carry a date indicating when it was produced or written.

Fluctuating Price

A price that changes frequently due to market conditions, demand, and supply.

Negotiated

Reached through discussion and compromise between parties, typically resulting in a formal agreement or contract.