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Tara received a loan of $ 7 , 7 0 0 at 3 . 5 0 % compounded monthly. He settled the loan by making

Tara received a loan of $

7, 700

3.50 %

compounded monthly. He settled the loan by making periodic payments at the end of every three months for

6

years, with the first payment made

3

years and

3

months from now. What was the size of the periodic payments?

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