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Cindy borrows $7,000 from the bank today. She promises to make the following repayments $1,500 in 1 year, $3,000 in 4 years and the last

Cindy borrows $7,000 from the bank today. She promises to make the following repayments $1,500 in 1 year, $3,000 in 4 years and the last repayment of X in 6 years. The interest rate is 6% pa. compounded monthly. Find X. (Correct to the nearest cent.) (3 marks) 6

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