Suppose you have decided to fund your education through Loans.  You will receive $10,000 at the beginning of each of the four years of your study program during which no interest will accrue.  After you graduate, you are given a 6-month grace period (non-repayment and interest-free period) after which you must begin repayment.  If you want to repay your loan bi-weekly (26 payments a year) and can only afford to repay $200 every two weeks, how many years will it take you to repay your loan?  Assume the interest rate is 5.5% per year, based on monthly compounding. 

If you want to repay your loan in 5 years, how much would each payment have to be?