Ramon wishes to replace payments of $900 due today and $500 due in 22 months by a single equivalent payment 18 months from now? If money is worth 5% compounded monthly, what should that payment be?

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The Answer of Ramon wishes to replace payments of $900 due today and $500 due in 22 months by a single equivalent payment 18 months from now? If money is worth 5% compounded monthly, what should that payment be?

Ramon Wishes to Replace Payments of $900 Due Today and $500