(Answered) Payments of 1400 in 1 year and another 2300 in 5 years to

Finance

Payments of $1,400 in 1 year and another $2,300 in 5 years to settle a loan are to be rescheduled with a payment of $1,150 in 8 months and the balance in 16 months. Calculate the payment required in 16 months for the rescheduled option to settle the loan if money earns 5.60% compounded monthly during the above periods.

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