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Scheduled loan payments of $1007 due in 9 months and $799 due in 15 months are rescheduled as a payment of $1057 due in 33
Scheduled loan payments of
$1007
due in
9
months and
$799
due in
15
months are rescheduled as a payment of
$1057
due in
33
months and a second payment due in
42
months. Determine the size of the second payment if interest is
3.4%
compounded
quarterly
and the focal date is
42
months from now.
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