Claire has borrowed 5,000$. She plans to pay off the loan in full after two payments. She will make one payment 3 years from now, then another payment 6 years from now. The second payment will be exactly double the amount of the first payment. How much is the first payment if the interest rate of the loan is 8.5$, compounded annually? Express your answer as a dollar value rounded to the nearest cent.
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Home » Business » Claire has borrowed 5,000$. She plans to pay off the loan in full after two payments. She will make one payment 3 years from now, then another payment 6 years from now. The second payment will be exactly double the amount of the first payment.