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A loan of $ 1 1 0 0 0 is to be repaid in 4 2 equal monthly installments with the first one paid seven

A loan of $

11000

is to be repaid in

42

equal monthly installments with the first one paid seven months after the loan is made. The nominal annual interest rate is

13 %

compounded semiannually. Determine the amount of the monthly payment.

Amount of monthly payment

=

?

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