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1. Monica was supposed to pay Kiara $3,800, 6 months ago, and $1,320, 5 months from now. If she wants to reschedule these payments with

1. Monica was supposed to pay Kiara $3,800, 6 months ago, and $1,320, 5 months from now. If she wants to reschedule these payments with two payments, one payment of $4,000 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 5.50% p.a. and the agreed focal date is 3 months from now.

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