A contract can be fulfilled by making an immediate payment of

$11,800

or equal payments at the end of

each

month

for

9

years. What is the size of the

monthly

payments at

9.7%

compounded monthly?

Question content area bottom

Part 1

The payment is

$enter your response here.

(Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)