Zoey signs a note to repay $10,000.00 plus 8% interest in 1 year. Four months before the note is due, the debt is commuted into 3 equal payments. The first payment is due immediately and the 2nd and...


Zoey signs a note to repay $10,000.00 plus<br>8% interest in 1 year. Four months before<br>the note is due, the debt is commuted into 3<br>equal payments. The first payment is due<br>immediately and the 2nd and 3rd payment<br>are due 4 and 12 months from the date of<br>commutation. The interest rate is set at 9%<br>and the focal date 4 months from the date<br>of commutation. Calculate the amount of<br>the new payments.<br>

Extracted text: Zoey signs a note to repay $10,000.00 plus 8% interest in 1 year. Four months before the note is due, the debt is commuted into 3 equal payments. The first payment is due immediately and the 2nd and 3rd payment are due 4 and 12 months from the date of commutation. The interest rate is set at 9% and the focal date 4 months from the date of commutation. Calculate the amount of the new payments.

Jun 04, 2022
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