Payments of $1000 and $7500 were originally scheduled to be paid five months ago and four months from now, respectively. The first payment was not made. What payment two months from now is equivalent to the scheduled payment if money can earn 6¼ %?

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The Answer of Payments of $1000 and $7500 were originally scheduled to be paid five months ago and four months from now, respectively. The first payment was not made. What payment two months from now is equivalent to the scheduled payment if money can earn 6¼ %?

Payments of $1000 and $7500 Were Originally Scheduled to Be