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In how many years should he make the third payment

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Question - Graham purchased a business by agreeing to make three payments of ?$13,000.00 each in 2 ?months, 7 ?months, and 10 months. Because of cash flow? difficulties, he renegotiated the payment schedule so that he would pay ?$19,300.00 in 5 ?months, ?$10,000.00 in 14 ?months, and a third payment of ?$11,000.00. In how many years should he make the third payment if interest is 9?% compounded monthly?? State your answer in years and months? (from 0 to 11? months).

Reference no: EM133036158

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