Brooks Warner
03/27/2023 · Junior High School

A company estimates that it will need \( \$ 164,000 \) in 6 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying \( 3.9 \% \) compounded monthly, how much should each payment be? The amount of each payment should be \( \$ \). (Round to the nearest cent)

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The monthly payment should be approximately \$1880.36.

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