A pair of "noise sniffers" is sought by a city utility for identifying noise in their electrical distribution system. One sniffer is for detection from longer distances, and the other is for up$-$close precision identification of the specific defective component such as a fuse or lightning arrestor. The total cost is $$12,000.$ Budgets are tight and the city desires to pay over $3$ years at a nominal annual rate of $15$ percent.

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What is the amount of each equal payment if made at the end of each month?

Nominal annual rate of $12$ is compounded monthly.

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