Question: Jorge is unable to make a $4500 payment due today. He proposes to settle the obligation by making three equal paymentsone today, another in four

Jorge is unable to make a $4500 payment due today. He proposes to settle the obligation by making three equal payments—one today, another in four months, and a third in nine months. What must each payment be to make the proposed payment stream equivalent to the scheduled payment if money can earn 7.2% compounded monthly?

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