Ralph's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the...
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Ralph's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $17,200 at 4% compounded semi-annually. To repay the loan, equal monthly payments are made over five years, with the first payment due two years after the date of the loan. What is the size of each monthly payment? The size of each monthly payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Ralph's Machine Shop purchased a computer to use in tuning engines. To finance the purchase, the company borrowed $17,200 at 4% compounded semi-annually. To repay the loan, equal monthly payments are made over five years, with the first payment due two years after the date of the loan. What is the size of each monthly payment? The size of each monthly 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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