A person needs $20,000 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 10 years. The annual interest rate being charged is 10% compounded bimonthly. What is the amount of each payment?

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A: Here,

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A: Using excel PV function

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A: Per month payment=$360Number of months=6×12=72Rate per month=6% compounded monthly