Tom wants to re-negotiate his loan with the bank. Currently he is on the hook for 3 equal lump sum payments of $4600. On

[answerhappygod]

Tom wants to re-negotiate his loan with the bank. Currently he
is on the hook for 3 equal lump sum payments of $4600. One
instalment is owed today, one in 3 years time and the last
instalment in 6 years time.
Instead, he would like to have only 1 lump sum repayment in 5
years time. Assume money is worth 5.35% per annum, compounded
quarterly.
Determine that single lump sum in 5 years time that will pay off
Tom’s loan.
Is Tom wise to re-negotiate his current loan to a single lump
sum repayment? Explain.