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Calculate the payment required in 15 months

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Reference no: EM132056910

Payments of $9,000 in 1 year and another $24,000 in 4 years to settle a loan are to be rescheduled with a payment of $7,000 in 6 months and the balance in 15 months. Calculate the payment required in 15 months for the rescheduled option to settle the loan if money earns 3.45% compounded quarterly during the above periods.

Reference no: EM132056910

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