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Calculate the payment required in 16 months

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Payments of $8,000 in 1 year and another $24,500 in 5 years to settle a loan are to be rescheduled with a payment of $6,400 in 6 months and the balance in 16 months. Calculate the payment required in 16 months for the rescheduled option to settle the loan if money earns 5.55% compounded quarterly during the above periods.

Reference no: EM132055020

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