Determine the amount required to settle the debt

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Mr. Pitkin bought a farm and promised to pay $5600 in 7 years with 8% simple interest and $9075 in 15 years with 9.25% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $5650 at the end of 5 years and to make a final payment at the end of 12 years. Based on a simple interest rate of 15%, determine the amount required to settle the debt at the end of 12 years.

Reference no: EM131442415

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