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What will the payment be in five months

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Reference no: EM13824734

Problem-

CompuSystems was supposed to pay a manufacturer $19,000 four month ago and another $14,000 two months from now. CompuSystems is proposing to pay $10,000 today and the balance in 5 months, when it will receive payment on the major sale to the provincial government. What will the payment be in five months if the manufacturer requires 18% compounded monthly because the account is overdue?

Additional information-

This problem belongs to Accounting and it discuss about calculation of compounded monthly interest for an overdue account.

Reference no: EM13824734

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