Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $$$$1053\mathrm{.}64$ at the end of every six months over eight years. If interest is $4\mathrm{.}3\%$ compounded annually$,$ what was the original loan$$ balance?

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Part $1$

The original loan balance was $$$

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$($Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as$$ needed.$)$