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Matt's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $12,000 at an effective rate of 6.85%.

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Matt's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $12,000 at an effective rate of 6.85%. To repay the loan, equal monthly payments are made over 5 years, with the first payment due two years after the date of the loan. What is the size of each monthly payment? Paragraph B I U PMT Setting A/ Eh

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