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A contract can be fulfilled by making an immediate payment of $8600, or equal payments at the end of every month for 3 years. What

A contract can be fulfilled by making an immediate payment of $8600, or equal payments at the end of every month for 3 years. What is the size of the monthly payments at 11% per annum compounded quarterly? The monthly payments are $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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