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a loan agreement originally called for a payment of $2,200 after 4 months. Unfortunately, the payment was missed and the debtor has proposed a new agreement.

the new agreement calls for an immediate payment of $1000 today (6 month mark) followed by the remainder (final payment) at the 12 month mark. calculate the amount of the final payment assuming a simple interest rate of 6.50%.

use the 12 month mark as a focal date. express your answer with 2 decimal places.