Question: Carl borrowed $ 2 0 , 0 0 0 . 0 0 from his father to finance his new business. The loan agreement calls for

Carl borrowed $20,000.00 from his father to finance his new business. The loan agreement calls for
equal payments at the end of each month for 10 years. The payments are deferred for 4 years and interest
is 4.00% compounded semi-annually. What is the size of the monthly payments?

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