Question: Three equal payments were made one, two, and three years after the date on which a $ 1 1 , 3 5 0 loan was

Three equal payments were made one, two, and three years after the date on which a $11,350 loan was granted at 10.5% compounded monthly. If the balance immediately after the third payment was $5,461.94, what was the amount of each payment?

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