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5 Jeff Associates borrowed $25,000. The company plans to set up a sinking fund that will repay the loan at the end of 7 years.

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5 Jeff Associates borrowed $25,000. The company plans to set up a sinking fund that will repay the loan at the end of 7 years. Assume a 12% Interest rate compounded semiannually. What must Jeff pay into the fund each period of time? (Do not round intermediate calculations. Round your answer to the nearest cent.) Payable amount 00:43:01

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