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A civil engineering student borrowed P300,000 to meet college expenses. He promised to pay the loan with interest at 5% in 20 equal semi-annual installments,

A civil engineering student borrowed P300,000 to meet college expenses. He promised to pay the loan with interest at 5% in 20 equal semi-annual installments, with the first payment to be made 2 years after the date of the loan. How much will this payment be?

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