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To finance the development of a new product, a company borrowed $33,000 at 12% compounded monthly. If the loan is to be repaid in equal

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To finance the development of a new product, a company borrowed $33,000 at 12% compounded monthly. If the loan is to be repaid in equal annually payments over seven years and the first payment is due one year after the date of the loan, what is the size of the annuai payment? The size of the annual payment is 5 (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal ptaces as needed.)

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