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Determine the amount required to settle the debt

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Reference no: EM132990129

Problem 1: Henry borrows $800 at 13.5% simple interest. He makes a partial payment of $190 at the end of 2 month(s), and a partial payment of $380 at the end of 6 months. Determine the amount required to settle the debt at the end of 12 months using (a) Merchant's Rule and (b) U.S. Rule.

Reference no: EM132990129

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