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Determine the size of the final payment

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Reference no: EM132931818

Question - In order to pay off the most recent invoice, a company is scheduled to pay $1000 today and $2000 in 10 months. Due to a decrease in sales, the company has chosen to renegotiate the payments. The invoice will be settled by a payment of $1500 in 8 months and a final payment 15 months from now. Determine the size of the final payment if interest is 5.5% p.a. compounded quarterly.

Reference no: EM132931818

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