1. A payment of $5000 is due in three months and another payment of $8000 is due in nine months. Calculate the value of a single payment to be made in 5 months that is equivalent to these two payments if money earns 6% pa. Simple interest. Use five months from now as the focal date.

2. Alex was supposed to pay $500 six months ago and is supposed to pay $900 in 10 months. He did not make the scheduled payment in 10 months. Instead, he would clear the loan 18 months from now. What would be the value of this single payment in 18 months if the interest rate on the loan is 9% pa? Use 18 months from now as the focal date.

3. You are required to pay a loan amount of $1500 in nine months. But you can clear the loan in six months now. How much would you have to pay to clear the loan in 6 months instead of 9 months if the interest rate is 4.5%