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Mr. Black wants to buy a luxury boat which costs $27,500,000, and Mr. Black has $4,300,000 as a down payment for his purchase. There are

Mr. Black wants to buy a luxury boat which costs $27,500,000, and Mr. Black has $4,300,000 as a down payment for his purchase. There are two banks which would provide financing for him. HSBC offers 5.4% APR compounded monthly for financing for four years. Cathay Bank offers a three-year loan at 6.3% APR compounded monthly. What is Mr. Black's monthly payment under each financing plan?

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