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Li Jun was supposed to pay Molly $ 5 , 0 0 0 , 6 months ago, and $ 1 , 2 0 0 ,

Li Jun was supposed to pay Molly $5,000,6 months ago, and $1,200,5 months from now. If she wants to reschedule these payments with two payments, one payment of $3,400 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 4.25% p.a. and the agreed focal date is 3 months from now.

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