Question: Question 1 ( 1 0 points ) Today is Max s lucky day! They won $ 8 5 , 0 0 0 . 0 0

Question 1(10 points) Today is Maxs lucky day! They won $85,000.00 on a lottery scratch ticket. Max is excited to pay off a car loan they took out 18 months ago. The first $2,000.00 payment was due 2 months ago; however, Max was not able to pay it. Additional payments as per loan agreement are $2,860.00 and $2,500.00 due 3 and 20 months from now, respectively. This loan charges interest at 18.45% compounded semiannually. Max is hoping to pay off the loan with lump sum in 5 months when they receive the winnings. How much is the payment required to pay off the loan at the focal date?

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