A contract can be fulfilled by making an immediate payment of $21,300 or equal payments at the end of each month for 6 years. What is the size of the monthly payments at 8.6% compounded monthly? The...

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Extracted text: A contract can be fulfilled by making an immediate payment of $21,300 or equal payments at the end of each month for 6 years. What is the size of the monthly payments at 8.6% 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.)