Nick was due to make loan payments of $280 today, $380 in three months, and $480 in four 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 11% 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: Choose... Choose. If the focal date is one month from today, which variable does the payment $280 represent? (Choose from S, P. t. or) If the focal date is one month from today, which variable does the payment $380 represent? (Choose from S P. t. orn) What value of "t" should you apply to the second loan payment of $380? (Express in 8 decimals) What periodic interest rate should you apply to the third loan payment of $480? (Express in 8 decimals) How many focal date equivalent values do you need to determine before solving for $X? Your answer for 5X at the focal date is (Carry all the decimals in the computation until completion, then round the final answer to two decimal places) Choose . Choose Choose Choose