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You are given two loans, with each loan to be repaid by a single payment...

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You are given two loans, with each loan to be repaid by a single payment in the future. Each payment includes both principal and interest. The first loan is repaid by a 1600 payment at the end of 3 years. The interest is accrued at 6% per annum compounded semiannually. The second loan is repaid by a 2600 payment at the end of 7 years. The interest is accrued at 9% per annum compounded semiannually. The two loans are to be consolidated. The consolidated loan is to be repaid by two equal installments of X, with interest at 13% per annum compounded semiannually. The first payment is due immediately and the second payment is due one year from now. Calculate X. [2.a-b #06] 0 1473 1487 0 1517 1502 1458

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