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Determine the size of the second payment

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Scheduled loan payments of $1500 due in 6 months and $1900 due in 21 months are rescheduled as a payment of $2000 due in 3 years and a second payment due in 45 months. Determine the size of the second payment if interest is 7% compounded quarterly and the focal date is seven years from now.

Reference no: EM132477911

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