Question: x 1 6 . Melvin borrows $ 1 0 0 0 at 1 6 % compounded semi - annually. The loan is to be repaid

x16. Melvin borrows $1000 at 16% compounded semi-annually. The loan is to be
repaid with 10 equal monthly payments, the first due one year from today.
Determine the size of the payments.

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