Question 13 (5 points) Michael owes $30,000 bearing interest at 8% c.a. for 3 years due in 3 months. This debt is commuted into 3 equal payments due 6, 9, and 12 months hence. The interest rate is set at 7% c.m. Determine the amount of the new payments. Show all work to earn full marks. Question 13 (5 points) Michael owes $30,000 bearing interest at 8% c.a. for 3 years due in 3 months. This debt is commuted into 3 equal payments due 6, 9, and 12 months hence. The interest rate is set at 7% c.m. Determine the amount of the new payments. Show all work to earn full marks