Question: Matts Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $12 000 at 8% compounded monthly. To

Matt’s Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $12 000 at 8% compounded monthly. To repay the loan, equal monthly payments are made over five years, with the first payment due one year after the date of the loan. What is the size of each monthly payment?

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