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Clyde takes out a ten-year loan of $13,000. He must pay back the loan (plus all interest accrued) with level semiannual payments of X, beginning

Clyde takes out a ten-year loan of $13,000. He must pay back the loan (plus all interest accrued) with level semiannual payments of X, beginning six months from today. His loan has an advertised effective annual interest rate of 13.25%

i. Set up an equation that could be used to solve for X using our new monthly annuity-immediate present value notation.

ii. Find X.

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