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A person needs $ 2 3 6 3 0 immediately as a down payment on a new home. Suppose that she can borrow this money
A person needs $ immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next years starting on the second year. The annual interest rate being charged is compounded continuously. What is the amount of each payment?
INCLUDE THE CASH FLOW DIAGRAM OF THIS PROBLEM AND ROUND OFF INTEREST RATE TO SIGNIFICANT PLACES AND YOUR FINAL ANSWER TO DECIMAL PLACES.
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