Commercial Finance Co. buys conditional sale contracts from furniture retailers at discounts that provide a 12% compounded monthly rate of return on the purchase price. What total price should Commercial Finance pay for the following three contracts: $950 due in 4 months, $780 due in 6 months, and $1,270 due in 5 months?

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The Answer of Commercial Finance Co. buys conditional sale contracts from furniture retailers at discounts that provide a 12% compounded monthly rate of return on the purchase price. What total price should Commercial Finance pay for the following three contracts: $950 due in 4 months, $780 due in 6 months, and $1,270 due in 5 months?