A fund of $5000 is used to award a scholarship of $500 at the end of each six months for as long as possible. If the effective interest rate per 6 months is 7%, find the number of scholarships which can be awarded, and the amount left in the fund six months after the last scholarship has been awarded.

(Correct answer should be: 17, $400.15)

Please explain in detail I have a hard time understanding this.