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To finance the development of a new product, a company borrowed $ 2 6 , 0 0 0 at 6 % compounded monthly. If the

To finance the development of a new product, a company borrowed $

26, 000

6 %

compounded monthly. If the loan is to be repaid in equal annually payments over ten years and the first payment is due immediately, what is the size of the annual payment?

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