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A loan of $6,400 is being issued on January 1, 2013. It is being repaid with ten level annual payments. The nominal annual rate of

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A loan of $6,400 is being issued on January 1, 2013. It is being repaid with ten level annual payments. The nominal annual rate of interest is 8% compounded semiannually. Compute the payment amount if the first payment is due July 1, 2014. Possible Answers A 954 B 961 992 D 999 E 1039

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