What is the size of each monthly payment

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Ralph's Machine shop purchased a computer used in tuning engines. To finance the purchase, the company borrowed 12900 at 3% compounded annually. To repay the loan, equal monthly payments are made over two years, with the first payment due one year after the date of the loan. What is the size of each monthly payment?

The size of each monthly payment is $__

Reference no: EM13933544

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