Determine the amount required to settle the debt at the end

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Reference no: EM131219307

Mr. Pitkin bought a farm and promised to pay $6500 in 8 years with 7% simple interest and $9725 in 16 years with 11.75% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $6550 at the end of 6 years and to make a final payment at the end of 13 years. Based on a simple interest rate of 17%, determine the amount required to settle the debt at the end of 13 years.

Reference no: EM131219307

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Determine the amount required to settle the debt at the end : Mr. Pitkin bought a farm and promised to pay $6500 in 8 years with 7% simple interest and $9725 in 16 years with 11.75% simple interest. Later, Mr. Pitkin met with the lender requesting to pay $6550 at the end of 6 years and to make a final payment a..

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