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Fred has a debt of $10,000 on his mortgage due today. He arranges to pay $2,000 cash today and two equal payments in one and

Fred has a debt of $10,000 on his mortgage due today. He arranges to pay $2,000 cash today and two equal payments in one and three years. If the bank is using 8% interest rate compounded semi-annually, how much will each payment be?

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