Problem 5-22: Loan amortization

Jan sold her house on December 31 and took a $30,000 mortgage as part of the payment. The 10-year mortgage has a 9% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year.

a-1. What is the dollar amount of each payment Jan receives?

Round your answer to two decimal places at the end of the calculations. For example, if your answer is $345.667 enter as 345.67 and if your answer is .05718 or 5.718% enter as 5.72 in the answer box provided.