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What single payment today would replace a payment

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Problem 1: What single payment today would replace a payment of $6,000$6,000 in one year and $9,000$9,000 in two years if the interest rate is 5% compounded monthly?

Problem 2: On March 12, 2019, Jessica received a loan at 7% p.a. simple interest. She settled the loan on December 18, 2019. If she was charged an interest amount of $420.00, calculate the principal amount of the loan.

Reference no: EM132908848

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