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Loan payments of $3900 due three years ago and $2400 due in four years are...

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Accounting

Loan payments of $3900 due three years ago and $2400 due in four years are to be replaced by two equal payments. The first replacement payment is due now and the second payment is due in nine years. Determine the size of the two replacement payments if interest is 2.9% compounded quarterly and the focal date is now.

(a) The size of the two replacement payments is $?. (Round to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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