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sum of $ 20,000 is borrowed at an interest rate of 8 percent on the unpaid balance compounded semiannually . The loan is to be

sum of $ 20,000 is borrowed at an interest rate of 8 percent on the unpaid balance compounded semiannually . The loan is to be paid back with 10 equal payments in 20 years . The payments are to be made every 2 years , starting at the end of the second year . What is the amount of each biennial payment ?

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