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Find the size of the equal payments

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Question - Raj borrowed some money from his friend to start up his business. He was supposed to pay $15,000 five months ago, but failed to do as he was short of cash. There is another payment of $13,000 due three months from now. Raj is renegotiating the loan to be repaid in two equal payments. He will pay the first equal payment today, followed by the second equal payment six months from today. His friend is charging him a SIMPLE interest of 5%. Find the size of the equal payments.

Reference no: EM132893293

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