Suppose you borrow $11,000 at an annual interest rate of 7% compounded monthly over 36 months....

Suppose you borrow $11,000 at an annual interest rate of 7% compounded monthly over 36 months. At the end of the first year, after 12 payments, you want to pay off the remaining balance in 8 equal MONTHLY installments. If the interest rate and the compounding frequency remain the same, how much is each of the 8 payments.

Expert Solution

Rahul Sunny answered 7 months ago

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