On 1/1/2010, Smith borrows $5,000 at the nominal annual interest rate of 4% compounded semiannually. On 1/1/2012, Smith borrows an additional $3,000 at the nominal annual interest rate of 5% compounded semiannually. No interest or principal payments are made on either loan prior to 2014. On 1/1/2014, the two loans are consolidated and subsequent interest is charged at a nominal annual rate of 6% compounded semiannually. Smith repays the loans with level semiannual payments beginning 7/1/2014 and ending 1/1/2020. In which of the following ranges is the amount of each of these payments? Possible Answers A $900 but $925 but $950 but $975