a) You took out a one-year loan for $3000 and agreed to pay it in three equal installments, one payment at the end of 1 months, a second payment at the end of 2 months, and a last payment at the end of the year. What is the size of each payment? Assume interest rate is 9%.

b) In part (a), suppose that you made three non-equal payments: the first was $600 at the end of 1 month, the second was $800 at the end of 2 months and the final payment was $X at the end of the year. What is the value of X if interest rate is 8%? Use the declining balance method.

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