When Albertina opened her law office, she bought

$16,000

worth of law books and

$7,800

worth of furniture. She paid

$1,200

down and agreed to amortize the balance with semiannual payments for

5

years at

11%

compounded semiannually. Find the amount of each payment. Then use the formula for the remaining balance to find the number of remaining payments when the loan has been reduced below

$11,000.

What is the amount of each payment?

$nothing

(Round to the nearest cent as needed.)

How many payments remained when the loan had been reduced below

$11,000?

nothing