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Payments of $1,600 in 1 year and another $2,400 in 5 years to settle a loan are to be rescheduled with a payment of $1,000

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Payments of $1,600 in 1 year and another $2,400 in 5 years to settle a loan are to be rescheduled with a payment of $1,000 in 24 months and the balance in 36 months. Calculate the payment required in 36 months for the rescheduled option to settle the loan if money earns 3.85% compounded semi-annually during the above periods

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