Janice Owes Two Debt Payments-A Payment of $6700 Due in Twelve

question 72

Essay

Janice owes two debt payments-a payment of $6700 due in twelve months and a payment of $8750 due in twenty-one months. If Janice makes a payment of $7000 now, when should she make a second payment of $7900 if money is worth 11.5% compounded semi-annually?

---

Definitions:

Media Multitasking

The act of simultaneously engaging with multiple forms of media, such as watching TV while browsing the internet.

College Students

Individuals enrolled in institutions of higher education, including universities and colleges, often pursuing degrees or professional certifications.

User-Generated Content

Content created and shared by consumers or end-users, often found on social media platforms, blogs, and websites.

Digital Natives

Individuals who have grown up using digital technologies from a young age, making them inherently familiar and comfortable with digital devices and the internet.