Question: Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over three years and the first

Mike borrowed $14 000 at 6.5% compounded semi-annually. If the loan is to be repaid in equal semi-annual payments over three years and the first payment is due four years after the date of the loan, what is the size of the semi-annual payment?

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