Find the size of the monthly payments

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Reference no: EM13768904

Joe secured a loan of $11,000 two years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 14 years at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.)

Reference no: EM13768904

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