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What is the size of the single payment

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Question - April has the following debt: She owes Jade $625 in 7 years. She owes Carly $825 in 2 years. And she owes Sarah $300 in 9 years.

However Jade, Carly and Sarah all owe Heidi even more money than April owes each of them. April decides to pay off all of her debts by paying Heidi a single payment today. What is the size of the single payment if j52=2% for the first years and j4=5% thereafter?

Reference no: EM132805910

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