Fedex inc needs 18000 immediately as a down payment on a, Financial Accounting

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Fedex inc needs 18000 immediately as a down payment on a

FedEx inc. needs $18000 immediately as a down payment on a new office. Suppose FedEx management can borrow this money from Chase Banks. FedEx 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 10% per year compounded semi-annually. What is the amount of each payment?

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