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Scheduled loan payments of $853 due in 3 months and $443 due in 15 months are rescheduled as a payment of $625 due in 39
Scheduled loan payments of $853 due in 3 months and $443 due in 15 months are rescheduled as a payment of $625 due in 39 months and a second payment due in 48 months. Determine the size of the second payment if interest is 7.7% compounded annually and the focal date is 48 months from now. The size of the second payment is $0 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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