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A debt of $18,000 is being repaid by 17 equal semiannual payments, with the first payment to be made six months from now. Interest is
A debt of $18,000 is being repaid by 17 equal semiannual payments, with the first payment to be made six months from now. Interest is at the rate of 5% compounded semiannually. However, after two years, the interest rate increases to 6% compounded semiannually. If the debt must be paid off on the original date agreed upon, find the new semiannual payment.
The new semiannual payments is $_______.
(Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places asneeded.)
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