A trucking firm purchased two B-train trucks for $325 000. It paid 20% as a down payment and obtained a bank loan for the rest. The loan has a nominal interest rate of 10.5% compounded monthly with a 10-year amortization period. The loan term is 10 years. What are the firm's monthly payments to the bank?
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A trucking firm purchased two B-train trucks for $325 000. It paid 20% as a down payment
and obtained a bank loan for the rest. The loan has a nominal interest rate of 10.5% compounded
monthly with a 10-year amortization period. The loan term is 10 years. What are the firm's monthly
payments to the bank?
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