Christopher was supposed to pay Mark $4,300 6 months ago and $2,120 in 5 months. If he wants to repay this amount with two payments of $3,600 today and the balance amount in 3 months, calculate the balance amount. Assume interest is 4.60% p.a. and the agreed focal date is 3 months from now. $0.00 Round to the nearest cent.

Christopher was supposed to pay Mark $4,300 6 months ago and $2,120 in 5 months. If he wants to repay this amount with two payments of $3,600 today and the balance amount in 3 months, calculate the balance amount. Assume interest is 4.60% p.a. and the agreed focal date is 3 months from now. $0.00 Round to the nearest cent.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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