what is the amount of the final payment?

timer Asked: Nov 21st, 2016

Question description

Scheduled payments of $1010 due five months ago and $1280 due today are to be repaid by a payment of $615 in four months and the balance in seven months. If money is worth 7.75% p.a. and the focal date is in seven months, what is the amount of the final payment? 

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