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What is the size of each of the three payments

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Question - A loan of $1395 taken out on June 7 requires three payments. The first payment is due on July 7. The second payment is twice as large as the first payment and is due on August 21. The final payment, due on November 4, is three times as large as the first payment. If the focal date is June 7, what is the size of each of the three payments at an interest rate of 4.7%?

Reference no: EM132995041

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