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Matt's machine shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $19900 at 6% compounded semi-annually. To repay

Matt's machine shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $19900 at 6% compounded semi-annually. To repay the loan, equal monthly payments are made over 5 years, with the first payment due 2 years at the date of the loan. What is the size of each monthly payment?

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