A loan of 26000 is taken out at time t0 the loan has a, Ask an Expert

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A loan of $26,000 is taken out at time t=0. The loan has a nominal annual rate of interest of 8.4 compounded monthly. The term of the loan is for 4 years. Payments of size X will be made at the end of each month. Determine the value of X. Round your answer to two decimal places.

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