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Scheduled loan payments of $2000 due in six months and $2300 due in 21 months are rescheduled as payment of $3000 due in three years
Scheduled loan payments of $2000 due in six months and $2300 due in 21 months are rescheduled as payment of $3000 due in three years and second payment due in 45 months. Determine the size of the second payment if interest is 8% compounded quarterly and the focal date is 45 months from now.
*Please include a timeline
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