suppose that you borrow $60,000 at 9% compounded monthly over five years. Knowing that the 9%...

Question

Question

Answer 1

Answer #1

Equivalent equal monthly payment series in constant dollars

= Actual dollars (1+0.0025)^-60 = 1245.51(1+0.0025)^-60 = 1245.51 * 0.861 = $1072.38

Answer 2

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