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A person owes $500 due in 6 months and $500 due in 12 months. The...

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Finance

A person owes $500 due in 6 months and $500 due in 12 months. The lender agrees to allow the person to pay off these two debts with a single payment to liquidate these obligations. Using a simple interest rate of 10% per annum, determine the single payment amount if paid now

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