James owes $950 in 4 years and $850 in 9 years. However, James is unable...
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Accounting
James owes $950 in 4 years and $850 in 9 years. However, James is unable to meet his $950 obligation at the end of 4 years. By mutual agreement with the lender, James is allowed to pay off both obligations at the end of 7 years based on a simple interest rate of 13%. Determine the amount required to settle the debts at the end of 7 years.
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