Question: PLEASE EXPLAIN IN VERY DETAIL. EXPLAIN WHAT FORMULA IS USED AND WHAT VALES ARE PLACED IN FORMULA. Please make a very detailed one. Need it

PLEASE EXPLAIN IN VERY DETAIL. EXPLAIN WHAT FORMULA IS USED AND WHAT VALES ARE PLACED IN FORMULA. Please make a very detailed one. Need it to understand for exam. Thankyou.

Scheduled loan payments of $375 due in 9 months and $1375 due in 21 months are rescheduled as a payment of $673 due in 36 months and a second payment due in 45 months. Determine the size of the second payment if interest is 5.3% compounded semi - annually and the focal date is 45 months from now Find the size of the second payment. ( Round the final answer to the nearest cent as needed Round all intermediate values to six decimal places as needed )

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