annual

(1 point) (Exercise 3.34) A loan of $11500 is to be repaid by 10 annual payments beginning 6 months from the date of the loan. The first payment is to be half as large as the others. For the first 3 1/2 years interest is at 0.04 effective; for the remainder of the term interest is at 0.065 effective. Find amount of the first payment. ANSWER = $ (1 point) (Exercise 3.34) A loan of $11500 is to be repaid by 10 annual payments beginning 6 months from the date of the loan. The first payment is to be half as large as the others. For the first 3 1/2 years interest is at 0.04 effective; for the remainder of the term interest is at 0.065 effective. Find amount of the first payment. ANSWER = $