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What is the equivalent payment fifteen months

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Question 1: You had an agreement to pay $4,075 in 2 years from now and $6,725 in 5 years from now. What single payment would pay off this debt in one year from now if money earns 7.1% compounded quarterly?

Question 2: Payments on a debt were originally scheduled as follows: $500 in 9 months from today, $600 in 15 months from today, and $800 in 21 months from today. What is the equivalent payment 15 months from today if interest is 5.3% compounded quarterly?

Reference no: EM132601900

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