Word Problem $13-22($Algo$)[$LU $13-3(1,2)]$

Jeff Associates needs to repay $$31,000.$ The company plans to set up a sinking fund that will repay the loan at the end of $7$ years. Assume a $8\%$ interest rate compounded semiannually. What must Jeff pay into the fund each period of time? $($Use Table $13\mathrm{.}3.)$ Note: Do not round intermediate calculations. Round your answer to the nearest cent.