Question: A person needs $18,000 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union.

A person needs $18,000 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 12 years. The annual interest rate being charged is 10% compounded continuously. What is the amount of each payment?

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