Scheduled loan payments of $1500 due in 6 months and $1900 due in 21 months are rescheduled

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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 45 months from now.
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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