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1.) A total of $43,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring 1 month after receipt of the $43,000.

1.) A total of $43,000 is borrowed and repaid with 60 monthly payments, with the first payment occurring 1 month after receipt of the $43,000. The stated interest rate is 7% compounded monthly. What monthly payment should be made?

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