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Determining the value of the payment

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A loan payment of $1200.00 was due 30 days ago and another payment of $700.00 is due 70 days from now. What single payment 120 days from now will pay off the two obligations if interest is to be 4% and the agreed focal date is 120 days from now? The value of the payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Reference no: EM133072410

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