On January 1, 2016, John Cothran offers to buy Ruth House's used tractor and equipment for $4,000 payable in 12 equal semiannual installments which are to include payment of 10% interest on the unpaid balance and payment of a portion of the principal with the first installment to be made on January 1, 2016. Calculate the amount of each of these installments.

On January 1, 2016, John Cothran offers to buy Ruth House’s used tractor and equipment for $4,000 payable in 12 equal semiannual installments which are to include payment of 10% interest on the unpaid balance and payment of a portion of the principal with the first installment to be made on January 1, 2016. Calculate the amount of each of these installments.