Payments of $1,300 in 1 year and another $2,100 in 4 years to settle a loan are to be rescheduled with a payment of $900 in 12 months and the balance in 24 months. Calculate the payment required in 24 months for the rescheduled option to settle the loan if money earns 6.3% compounded semi-annually during the above periods.
Round to the nearest cent
