Evelyn borrows $8,000 at 7% interest for 10 months at the bank. Three months before the debt was due, the debt is commuted into 2 equal payments due 3 and 6 months hence with a final payment of $5,000 due in 9 months. The interest rate is set at 9% and the focal date is 3 months hence. Find the size of the new payments. Required: All work must be shown to obtain full marks. (formulas, substitution, answer). Evelyn borrows $8,000 at 7% interest for 10 months at the bank. Three months before the debt was due, the debt is commuted into 2 equal payments due 3 and 6 months hence with a final payment of $5,000 due in 9 months. The interest rate is set at 9% and the focal date is 3 months hence. Find the size of the new payments. Required: All work must be shown to obtain full marks. (formulas, substitution, answer)