Answer to Question #306631 in Financial Math for Ndi

Question #306631

To pay off a loan of 7 000 due now and a loan of 2 000 due in 14 month's time Olorato agrees to make three payments in two, 5 and 10 months time respectively. the second payment is to be double the first and the third payment is to be triple the first. what is the size of the payment at month 5 if interest is calculated at 16% per year compounded monthly

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