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Determine the amount of the single payment

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Problem 1: Kathy owes $4025 in 5 years and $11750 in 10 years. Fortunately, Kathy won a state lottery and wanted to pay off both obligations at the end of 2 year(s). By mutual agreement with the lender, she was allowed to settle both debts with a single payment at the end of 2 years based on a simple interest rate of 16.5%. Determine the amount of this single payment.

Reference no: EM133002726

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