Your boss Henry told you that you will get a bonus of $20,000 this year. The bonus will be paid to you in two payments: $8,000 and $12,000 in 6 months and 18 months, respectively.

You are excited and would like to spend this money to buy a car today. Suppose the car dealership is able to offer you financing for a loan to buy a car at 5.45% p.a. compounded semi-annually.

Suppose you want to pay back the loan by using your two bonus payments and no other money. How much can you spend on a car today?