You are thinking about buying a piece of art that costs $40,000. The art dealer is proposing the following deal: He will lend you the money, and you will repay the loan by making the same payment every two years for the next 22 years (i.e., a total of 11 payments). If the nominal annual interest rate is 3%, how much will you have to pay every two years? The payments will be $7. (Do not round until the final answer. Then round to the nearest dollar.)