Question: A contract can be fulfilled by making an immediate payment of $12,000 or equal payments at the end of each month for 9 years. 1.

A contract can be fulfilled by making an immediate payment of $12,000 or equal payments at the end of each month for 9 years.

1. What is the size of the monthly payments at 5.5% compounded monthly? The payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

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