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BAT construction company purchases a small painting equipment for $25,000 and finances its purchase by borrowing the money at 8 percent per year compounded monthly;

BAT construction company purchases a small painting equipment for $25,000 and finances its purchase by borrowing the money at 8 percent per year compounded monthly; BAT company pays off the loan with equal monthly payments for 5 years. What will be the size of its monthly loan payment?

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