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You owe your parents $11,000 (in present day dollars) and want to repay them in...

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Finance

You owe your parents $11,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 3 years from today and the other in 7 years from today. If the interest rate is 8.7% per annum compounding monthly, what will be the amount of each repayment?

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