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Jack takes out a loan today for $5000.00 with 6% interest compounded semiannually (every six months). He plans on paying back this loan with an
Jack takes out a loan today for $5000.00 with 6% interest compounded semiannually (every six months). He plans on paying back this loan with an equal payment every six months for the next 8 years. Jack plans on making these payments at the beginning of each half-year, and makes the first of these equal payments today. Find the size of Jack's semiannual payment.
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