On March 1 of this year you borrowed $75 000 toward materials for a product you hope to have on the market in November of this year. You have agreed upon an annual interest rate of 8.2 percent compounded monthly. You also have agreed to begin repaying the debt on December 1, making equal monthly payments until the loan is repaid on April 1 next year. What are your monthly payments?
What will be an ideal response?
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