To finance the development of a new product, a company borrowed $35,000 at 12% compounded monthly. If the loan is to be repaid in equal semi-annually payments over ten years and the first payment is due six months after the date of the loan, what is the size of the semi-annual payment? The size of the semi-annual payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)