The First Two of the Following Three Payments Were Not

question 252

Short Answer

The first two of the following three payments were not made as scheduled. $1,200 was due seven months ago, $900 was due two months ago, and $1,500 is due in one month. The three payments are to be replaced by a single equivalent payment due three months from now. What should the payment be if money is worth 9.9%? Use three months from now as the focal date.

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Definitions:

Function

The purpose, role, or activity that something is designed or expected to perform.

Appearance

The way that someone or something looks to others, encompassing physical attributes and presentation.

Older Women

Females of senior age who experience distinct societal perceptions and realities compared to their younger counterparts.

Implicit Assumption

An unspoken, underlying belief or premise often taken for granted or accepted without evidence in reasoning or decision-making.