Ryan was supposed to pay Erin $5,000, 6 months ago, and $1,240, 5 months from now. If he wants to reschedule these payments with two payments, one payment of $3,000 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 2.75% p.a. and the agreed focal date is 3 months from now.

Round to the nearest cent