Discounted Promissory Note and payment streams

[Cubedfish]

Payment streams

Hello,

Can I please have help with the below?


Three equal payments were made one, two, and three years after the date on which a $40,000 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $20,185.58, what was the amount of each payment? (Do not round the intermediate calculations. Round your answer to the nearest cent.)

 

[Cubedfish]

Three equal payments were made one, two, and three years after the date on which a $40,000 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $20,185.58, what was the amount of each payment? (Do not round the intermediate calculations. Round your answer to the nearest cent.)
Never mind I figured it out.



1. Bring the balance of the loan to PV= 14751.41. DO NOT FORGET TO BRING ALL VALUES TO A PROPER TIME
Using a calculator FV=20185.58 n=12 I/Y=.875% CMP for PV
2. Minus the PV of the Balance from the original loan amount of 40000
40000 - 14751.41 = 25248.59
3.I have no clue what the next step is called but do it anyways payment streams solve for x
P1 FV=1 n=12 I/Y=.875% CMP PV= .9007
P2 FV=1 n=24 I/Y=.875% CMP PV= .8113
P3 FV=1 n=36 I/Y=.875% CMP PV= .7308

Total =2.4428

4. Solve
25248.59/2.4428

Each Payment is 10335.92