Find the amount required to settle the debt

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Problem 1: A person borrows $850 at 11% simple interest. A payment of $310 at the end of 3 years, and a payment of $620 is made at the end of 5 years. Determine the amount required to settle the debt at the end of 8 years using (a) Merchant's Rule and (b) U.S. Rule.

Reference no: EM133002722

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