Harry just bought a new Jeep Cherokee four-wheel drive for his lumber business. The price of the vehicle was $35,000 of which he made a $5,000 down payment and took out an amortized loan for the rest (= $35,000 $5,000). His local bank made the loan at 12% annual interest for 5 years. He is to pay back the principal and interest with equal monthly installments. Determine the amount of Harrys monthly payment.

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