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A $9,000 loan borrowed today is to be repaid by 3 equal payments due 10 months from now, 1 year and 7 months from now

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A $9,000 loan borrowed today is to be repaid by 3 equal payments due 10 months from now, 1 year and 7 months from now and 6 years from now. Calculate the size of each payment if money is worth 3.14% compounded semi-annually. (USE A TIME LINE) Page 5 of 9

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