Jim was due to make loan payments of $520 today, $420 in three months, and $320 in five months. However, he has agreed instead to make a single equivalent payment $X one month from today. Determine the size of the single equivalent payment $X if the interest rate is 7% p.a. and the agreed focal date is one month from today (Month 1).Answer the following questions, and choose the closest answer from the possible choices following each question:

a. If the focal date is one month from today, which variable does the payment $520 represent? (Choose from S, P, t, or r)

b. If the focal date is one month from today, which variable does the payment $420 represent?(Choose from S, P, t, or r)

c. Whatperiodic interest rateshould you apply to the third loan payment of $320 given that the focal date is one month from today? (Express in decimal form with 8 decimal places)

d. How many focal date equivalent values do you need to determine before solving for $X?

e. Your answer for $X at the focal date is ______. (Carry all the decimals in the computation until completion, then round the final answer to two decimal places)