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3. a debt of 3000 is due in 6 months and...

# Question: a debt of 3000 is due in 6 months and...

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A debt of $3000 is due in 6 months and another$5000 is due in 11 months. Instead, it is agreed that a payment of X dollars, made in 5 months, followed by a payment of \$4000 in 12 months, will fully pay off the loan. Using 11 months as the focal date, what is X if the simple interest rate on the loan is r = 11%?