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A man owns payment to a bank via a number of loans starting on the...

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Accounting

A man owns payment to a bank via a number of loans starting on the first of January. He has to pay back $6,800 by March, $16,000 by April and $30,000 by May. The loans do not gain interest. He is unable to pay off the May loan unless he pays off the April loan, and he cannot pay off the April loan until he pays off the March loan. If the man wants to pay an exact sum each month, how much would he have to pay each month to avoid being in default on any of the loans?

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