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A payment of $2,500 is due in 2 years and $3,100 is due in 4...

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Finance

A payment of $2,500 is due in 2 years and $3,100 is due in 4 years. These two original payments are to be rescheduled with a payment of $2,050 in 1 year and the balance in 3 years. Calculate the payment required in 3 years for the rescheduled option. Assume that money earns 4.25% compounded monthly.

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