Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. payments of $3,200, due 60 days ago, and $3,700, d

Payments of $3,200, due 60 days ago, and $3,700, due in 50 days, are to...

60.1K

Verified Solution

Question

Accounting

Payments of $3,200, due 60 days ago, and $3,700, due in 50 days, are to be replaced by payments of $3,600 due today and the balance due in 40 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earns 8.55%. Use 40 days from now as the focal date. (Use 365 days a year. Do not round intermediate calculations and round your final answer to 2 decimal places.) Second payment $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students