Sue had agreed to settle a loan by making payments of $1,000 in 6 months, and $2000 in 3 years.What single payment in 18 months would be equivalent to these scheduled payments, if money is worth 3% compounded quarterly?

**Be sure to fully explain where your values come from - as you would using a timeline** use a focal point

Use formulas:

Future Value formula: FV=PV(1=i)n

Present Value formula: FV/(1+i)n or PV= FV(1+i)-n