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Q12 Frank had originally promised to pay Jane $1,0503 months ago, $1,100 today and $1,2506 months from now. Frank missed his first payment and both

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Q12

Frank had originally promised to pay Jane $1,0503 months ago, $1,100 today and $1,2506 months from now. Frank missed his first payment and both parties have agreed to a new deal. Frank will now make two equal payments - one today and the remainder in 3 months. Calculate each payment using an interest rate of 8.65% compounded monthly. Round your answer to 2 decimals

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