Cheapest tool for this I could find:
http://www.acehardware.com/product/i...Id=37733771534
There's a mandrel that it attaches to so that you can mount it on a drill. The two large holes on the lower-left of the attached I cut with this tool. Works fine, but you have to go slow at first until it gets a little groove started. Greenlee punches are more convenient but what do you want for $10.


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