# (Solved Homework): A person owes \$850 due in 6 months and \$800 due in 10 months. What is the combined value of these debts at the follow…

A person owes \$850 due in 6 months and \$800 due in 10 months. What is the combined value of these debts at the following time periods: a. Now at 10% p.a. simple interest b. In 1 year at 10% p.a. simple interest

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a. Principal amount = \$ 850

Duration = 6 months

Interest = 10% p.a

Interest amount = \$ 850 x 10% x 6/12 = \$ 42.50

Total payable = \$ 850 + \$ 42.50 = \$ 892.50/-

b. Principal amount = \$ 800

Duration = 10 months

Interest = 10% p.a

Interest amount = \$ 800 x 10% x 10/12 = \$ 66.67

Total payable = \$ 800 + \$ 66.67 = \$ 866.67/-

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