Question: You have a company that needs a new computer system that will cost $25,000. You put down $5,000 and finance the remainder at 12 percent,

You have a company that needs a new computer system that will cost $25,000. You put down $5,000 and finance the remainder at 12 percent, compounded monthly for 2 years. The bank will automatically deduct the payment from your account at the beginning of each month. What is your monthly equipment payment?

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