Kris has borrowed $2,000 and has agreed to repay the loan in two payments in nine and fifteen months. Each payment is $1,000 of principal and interest at the rate of 7%. Kris wants to settle the debt in six months. What single equivalent payment should she make if money is now worth 5%?

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The Answer of Kris has borrowed $2,000 and has agreed to repay the loan in two payments in nine and fifteen months. Each payment is $1,000 of principal and interest at the rate of 7%. Kris wants to settle the debt in six months. What single equivalent payment should she make if money is now worth 5%?

Kris Has Borrowed $2,000 and Has Agreed to Repay the Loan