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Loan payments of $3700 due two years ago and $3200 due in five years are to be replaced by two equal payments. The first replacement
Loan payments of $3700 due two years ago and $3200 due in five years are to be replaced by two equal payments. The first replacement payment is due now and the second payment is due in seven years. Determine the size of the two replacement payments if interest is 3.7% compounded monthly and the focal date is now.
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