Equivalent Payments

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what payment 5 months from now would be equivalent in value to a $3,350 payment due 14 months from now? The value of money is 1.5%, simple interest. Round your answer to 2 decimal places. (3,312.73)

 

[Deleted member 4993]

what payment 5 months from now would be equivalent in value to a $3,350 payment due 14 months from now? The value of money is 1.5%, simple interest. Round your answer to 2 decimal places. (3,312.73)

Please state the formula for "future value" applying simple interest formula. Please define all the para meters of the formula.

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