1. Philip applied for a loan to purchase a new cell phone for the school. The terms of payment stipulate that the first payment of $500 was due six months ago and the second payment of $900 is due in ten months. Since Philip will receive the OSAP funds in 18 months, he has made a request to see if he could make a payment at that time. (4 points) Calculate the value of the payment if the loan is granted with the terms of a payment in 18 months at a rate of 9% p.a