In purchasing his brothers car, Mahood agreed to take over the payment obligations. Three payments were required:

Question:

In purchasing his brother’s car, Mahood agreed to take over the payment obligations. Three payments were required: $8000 in 2 months, $1600 in 5 months, and $4500 in 13 months. The current bank borrowing rate is 8.7% compounded monthly. If one payment of $15 000 would replace the three payments, when would that one payment have to be made?