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Business has been slow so you did not pay the bank the $20,000 that was...

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Accounting

Business has been slow so you did not pay the bank the $20,000 that was due 6 months ago. Today, you called the bank and agreed to pay the balance owing by making three payments: pay $5,400 three months from now followed by two equal payments, one in six months and one a year from now. The bank charges 12% compounded monthly on the loan. Suggested focal date: 12 months from now. (a) Find the size of the equal payments. (b) How much extra interest will you pay

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