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Frank's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $11,600 at 4% compounded nemi- annualy. To

Frank's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $11,600 at 4% compounded nemi- annualy. To repay the loan, equal monthly payments are made over five years, with the first payment due fwo years after the date of the loan. What is the size of each monthly payment? The size of each monthly payment is 5

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