The single payment would be $ 2,909.18.
Since loan payments of $ 1725 due today, $ 510 due in 75 days and $ 655 due in 323 days are to be combined into a single payment in 115 days, to determine what is the single payment if money is worth 8.5% and focal date is 115 days the following calculation must be made, offsetting the days in advance with the days in which the payment is late:
- 8.5 / 365 x 115 = 2.6780
- 8.5 / 365 x (115 - 75) = 0.9315
- 8.5 / 365 x (115 - 323) = -4.8438
- (1725 x 1.02678) + (510 x 1.009315) + (655 x (1 - 0.048438) = X
- 1,771.20 + 514.75 + 655 x 0.9515 = X
- 2,285.95 + 623.23 = X
- 2,909.18 = X
Therefore, the single payment would be $ 2,909.18.
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