Question: A contract can be fulfilled by making an immediate payment of $21,400 or equal payments at the end of each month for 11 years. What

A contract can be fulfilled by making an immediate payment of $21,400 or equal payments at the end of each month for 11 years. What is the size of the

monthly payments at 5.3% 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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