a.bob buys a boat for $23,500. He paid $4,000 down and signs a note to repay the remainder with interest at 7% due in 10 months time. Six months before the note comes due the debt is commuted into three equal payments due 3, 6 and 9 months hence. The interest rate is set at 13% and the focal date 6 months hence. Determine the amount of the new payments

b.Holly signs a note to pay $X plus 6% interest due in 8 months time. On the due date the debt was commuted into 2 payments of $2,594.08 due immediately, and 5 months hence with the interest rate set at 12% and the focal date set on the due date of the original debt. Find $X.

Please show calculation