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(1 point) (Exercise 3.34) A loan of $11500 is to be repaid by 10 annual payments beginning 6 months from the date of the loan.

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(1 point) (Exercise 3.34) A loan of $11500 is to be repaid by 10 annual payments beginning 6 months from the date of the loan. The first payment is to be half as large as the others. For the first 5 1/2 years interest is at 0.042 effective; for the remainder of the term interest is at 0.072 effective. Find amount of the first payment. ANSWER = $

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