Solved: James owes 725 in 3 years and 1550 in 8 years however james, Finance Basics

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James owes 725 in 3 years and 1550 in 8 years however james

James owes $725 in 3 years and $1550 in 8 years. However, James is unable to meet his $725 obligation at the end of 3 years. By mutual agreement with the lender, James is allowed to pay off both obligations at the end of 6 years based on a simple interest rate of 7.25%. Determine the amount required to settle the debts at the end of 6 years.

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Finance Basics: James owes 725 in 3 years and 1550 in 8 years however james

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