Jungle Jim Owes Three Debts 500 Due In One Year Plus Interest At 6 Compounded Se
Jungle Jim owes three debts:$500 due in one year plus interest at 6% compounded semi-annually,$2000 due in two years,$1000 due in three years plus interest at 5% compounded monthly.He wishes to discharge these debts by paying $500 now and two equalbut unknown payments in one and two years respectively. Find the size of the equal payments if money is, at present, worth 12%compounded quarterly. Use a focal date of two years.
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