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You are working for an equipment leasing company, and your boss has asked you to calculate the half - yearly lease payments for new equipment

You are working for an equipment leasing company, and your boss has asked you to calculate the half-yearly lease payments for new equipment for a client. The cost of the equipment is $61,000 and the lease term is 8 years. The interest rate is 11.3% p.a. compounding semi-annually. The lease requires lease payments that are the same every half-year, except for the final payment which is a residual/lump sum payment of $8,000.
Assuming the lump sum payment is made in the final half-year period (16), calculate the half-yearly lease amount for the other 15 periods. Type your answer as a positive number into the box in dollar and cents (i.e.2 decimal places and no negative (-) symbol).

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