To finance the development of a new product, a company borrowed $28,000 at 3% 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 sec decimal places as needed).