The size of 2nd payment due in 7 years should be=$3,426.72
P.S. Sorry, I have been busy with your financial questions. Some of the answers maybe be approximate, because I took a shortcut in some of them. The formulae used are ALL the standard TVM formulae that are in your book. Many of these problems are relatively advanced, so you must be studying some sort of a college business or finance courses. I found some of them to be ambiguous, the way they are stated. So, if you have quibbles, let me know. I think you are a Canadian student!.