1. Joe Electric, Inc. is unable to pay some outstanding debts. They have a loan...
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1. Joe Electric, Inc. is unable to pay some outstanding debts. They have a loan for $11,000 which was due on March 1,2019 and another for $6,000 which was due on November 1, 2019 both at 6.0% interest. Joe, the company owner, has made arrangements to payoff the two outstanding loans at 6.5% interest on September 10, 2020 What will be the final payment amount on September 10,2020 to satisfy all of Joe Electric, Inc.s debts if the agreed upon focal date is August 1, 2020? Draw a timeline as part of your solution.
2. Joe has a personal debt owing to his father as well. He was supposed to make a payment of $2,100 6 months ago and $3,250 today. Instead He made a payment 3 months ago for $2,975 and will pay the balance in 3 months. What is the amount of the final payment Joe will make in 3 months if money is worth 6% and the agreed upon focal date was 3 months ago? Draw a timeline as part of your solution.
Please provide the answer in details.
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