Question: Jolia, your co - worker needs $ 1 8 , 5 0 0 now as a down payment on a new condo. If she can

Jolia, your co

-

worker needs $

18, 500

now as a down payment on a new condo. If she can borrow this money from her bank. Jolia 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

9 %

compounded continuously. What is the amount of each payment?

The amount of each payment is $

. . . . . . . . . (

Round to the nearest dollar.

)

Jolia, your co - worker needs $ 1 8 , 5 0 0 now

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