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a) Ali received a loan of $8,700 at 5.50% compounded monthly. He settled the loan by making periodic payments at the end of every three

a) Ali received a loan of $8,700 at 5.50% compounded monthly. He settled the loan by making periodic payments at the end of every three months for 5 years, with the first payment made 3 years and 3 months from now. What was the size of the periodic payments?

$Round to the nearest cent

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