Need Help with Loan Payment

[maple]

Hello all,

I'm stuck on the following question:

A loan payment of $1050 was due 45 days ago and a payment of $1850 is due in 90 days. What single payment made 60 days from now is required to settle the two payments if interest is 3.5% and the focal date is 60 days from now?

1050*(1+3.5%*(45+60)/365) + 1850/(1+3.5%*30/365) = 2905.27

The answer doesn't make sense to me because I made a single payment 60 days from now (earlier than the 45 days) so why is 45+60? Should it be 60/365 instead of (45+60)/365?

Please help. Thank you.

 

[stapel]

A loan payment of $1050 was due 45 days ago and a payment of $1850 is due in 90 days. What single payment made 60 days from now is required to settle the two payments if interest is 3.5% and the focal date is 60 days from now?

1050*(1+3.5%*(45+60)/365) + 1850/(1+3.5%*30/365) = 2905.27

The answer doesn't make sense to me because I made a single payment 60 days from now (earlier than the 45 days) so why is 45+60? Should it be 60/365 instead of (45+60)/365?

I'm sorry, but I don't understand what you're saying. In what way are you viewing "60 days from now" as being "earlier than" "45 days ago"?

 

[maple]

Thank you, but I have solved it. The wording was very confusing.