What is the monthly payment

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Murphy Morsels just bought a new chocolate-chip making machine for $25,000. Murphy's old machine was taken as a trade and was valued at $5000. Also, Murphy received a 5% discount on the new machine's price after the trade-in allowance. Murphy plans on making monthly payments for 3 years with 12% nominal interest. What is the monthly payment?

Reference no: EM131806650

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