alculate the size of the payments using five

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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Travis currently owes $8,000 to a friend who is charging him interest of 2.70% p.m. He
is required to settle the loan with two equal payments, one today and the other in five
months. Calculate the size of the payments using five months as the focal date.
Transcribed Image Text:Travis currently owes $8,000 to a friend who is charging him interest of 2.70% p.m. He is required to settle the loan with two equal payments, one today and the other in five months. Calculate the size of the payments using five months as the focal date.
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