Question: 1. Scheduled payments of $1258, $454, and $389 are due in one year, four years, and six years respectively. What is the equivalent single replacement

1. Scheduled payments of $1258, $454, and $389 are due in one year, four years, and six years respectively. What is the equivalent single replacement payment two-and-a-half years from now if interest is 7.4% compounded quarterly?

The equivalent single replacement payment is $_________ (round to nearest cent).

2. Scheduled loan payments of $1186 due in 6 months and $203 due in 15 months are rescheduled as a payment of $1062 due in 39 months and a second payment due in 45 months. Determine the size of the second payment if interest is 3.3% compounded semi-annually and the focal date is 45 months from now.

The size of the second payment is $______ (round to nearest cent).

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