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A commercial bank will loan your client $483,690 for 10 years to buy a boat. The loan must be repaid in equal monthly payments at

A commercial bank will loan your client $483,690 for 10 years to buy a boat. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 10.82 percent of the unpaid balance compounded monthly. What is the amount of the monthly payments? Round the answer to two decimal places.

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