Question: FINAL ANSWER NEEDED ONLY Joe had agreed to make two debt re-payments of $1700 each, the first of which was due due 13 months ago

FINAL ANSWER NEEDED ONLY

FINAL ANSWER NEEDED ONLY Joe had agreed to make two debt re-payments

Joe had agreed to make two debt re-payments of $1700 each, the first of which was due due 13 months ago and the second of which was due 5 months ago from today. Today he has renegotiated a settlement for the two missed payments, by agreeing to a single replacement payment 4 months from now. If the rate of simple interest applied is 11% and the agreed focal date is at the time of the replacement payment, what should be the size of the replacement payment? Calculate your answer to 2 decimal places, do not include the $ sign or a comma

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