The size of the final payment is $5378.08
<h3>
What is the size of the final payment?</h3>
P1 = One loan payment = $4000
P2 = Second loan payment = $6000
P3 = Payment = $5000
Let P4 = Second payment
n1 = 200 days
n2 = 63 days
n3 = 92 days
r = Interest rate = 8.3%
[P1 * (1+ (r * n1 /365))] + [P2 * (1+ (r * n2 /365))] = P3 + [P4 / (1+(r*n3/365)]
[$4000 * (1+(8.3%*200/365)] + [$6000 * (1+(8.3%*63/365)] = $5000 + [P4 / (1+(8.3%*92/365))]
[$4000 * 1.04547945] + [$6000 * 1.01432603] = $5000 + [P4 / 1.02092055]
$4181.9178 + $6085.95618 = $5000 + [P4/1.02092055]
P4/1.02092055 = $5267.87398
P4 = $5378.080801
Therefore, the size of the final payment is $5378.08
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