You owe two payments of $2,000 each that are due today and five years from today. You would like to change the loan repayment dates. Assume an interest rate of 12% compounded monthly to answer the following questions.

a. You are first considering paying the loan back in a single payment due one year from today. What is the amount of the payment under this new loan repayment schedule?

b. Alternatively, you are considering paying the loan back with three equal payments due one year, three years, and five years from today. What is the amount of each payment under this loan repayment schedule?