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Fatima wants to buy a boat that is available at two dealerships. The price of the boat is the same at both dealerships. Middlefield Motors would let her make quarterly payments of 3,780 dollars for 11 years at a quarterly interest rate of 2.08 percent. Her first payment to Middlefield Motors would be due in 3 months. If Fairfax Boats would let her make equal monthly payments for 5 years at a monthly interest rate of 0.98 percent and if her first payment to Fairfax Boats would be today, then how much would each monthly payment to Fairfax Boats be?

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Financial Management, Finance

Category:- Financial Management
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