To finance the development of a new$$ product, a company borrowed $$$$31,000$

at $10$

$\%$

compounded monthly

$.$

If the loan is to be repaid in equal annually

payments over four

years and the first payment is due one year

after the date of the$$ loan, what is the size of the annual

$$payment$?$

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Part $1$

The size of the annual

payment is $$h$enter your response