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x 1 6 . Melvin borrows $ 1 0 0 0 at 1 6 % compounded semi - annually. The loan is to be repaid

16 .

Melvin borrows $

1000

16 %

compounded semi

-

annually. The loan is to be

repaid with

10

equal monthly payments, the first due one year from today.

Determine the size of the payments.

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