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Nominal annual bimonthly convertible rate

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Your brother's company has three debts: $7 million in month #5, $8 million in month #12, and $11 million in month #17. You want to pay all debts with two identical payments, one in month #7 and the other in month #19.

What is the nominal annual bimonthly convertible rate you used, and how much are each of the identical payments?

Hint: bi-monthly refers to a frequency that repeats every 2 months, so frequency = 6.

Reference no: EM133074607

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