Problem
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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.