You are responsible to pay back the following: $400 due today, $500 due in five months,...

You are responsible to pay back the following: $400 due today, $500 due in five months, and $618 due in one year. You are given the option: instead of making the above 3 payments, you can pay the same amount as a single payment 9 months from now. Assuming a 12% per annum (p.a) interest rate, how much will the single payment be?

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jeff jeffy answered 1 year ago

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