Payments of $1,600 in 1 year and another $2,500 in 6 years to settle a...
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Payments of $1,600 in 1 year and another $2,500 in 6 years to settle a loan are to be rescheduled with a payment of $800 in 17 months and the balance in 31 months. Calculate the payment required in 31 months for the rescheduled option to settle the loan if money earns 7.1% compounded monthly during the above periods.
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