An individual needs P 12,000 immediately as a down payment on a new appliance.  Suppose that he can borrow this money from his insurance company.  He must repay the loan in equal payments every six months over a period of 8 years.  The nominal rate being charged is 7% compounded continuously.  What is the amount of each payment?   Select one: a. P 997 b. P 846 c. P 872 d. P 942

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