Your uncle, two months ago lent to you $5,000 to pay for this semesters tuition. You agreed to pay her back at a rate of 4.00%, simple interest. An opportunity comes up to study abroad next semester. Your uncle agrees to loan you an extra $6,000 today, but he insists that you repay him in 3 equal instalments, every 3 months starting 6 months from today. Using 12 months from today as a focal date, compute the amount of each payment.

Question 16 options: