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Find the payment made by the ordinary annuity with the given present value. $88,785, monthly payments for 16 years; interest rate is 4.9%, compounded monthly

Find the payment made by the ordinary annuity with the given present value. $88,785, monthly payments for 16 years; interest rate is 4.9%, compounded monthly The payment is $ (Simplify your answer. Round to the nearest cent as needed.)

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