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Determine the amount required to settle the debts

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Reference no: EM133002723

Problem 1: Miguel owes $825 in 3.5 years and $1100 in 8.5 years. However, Miguel is unable to meet his $825 obligation at the end of 3.5 years. By mutual agreement with the lender, Miguel is allowed to pay off both obligations at the end of 6.5 years based on a simple interest rate of 6.5%. Determine the amount required to settle the debts at the end of 6.5 years.

Reference no: EM133002723

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