3.14 (LG 3.4) It is May 1. You have just bought $2000 worth of furniture. You will pay for it in 24 equal monthly payments, starting at the end of May next year. Interest is 6 percent nominal per year, compounded monthly. How much will your payments be?

Essentials Of Investments
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ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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the answer to this question is Q3.14=$94.13 but we just need to find how we get that answer for these questions, please help

3.14 (LG 3.4) It is May 1. You have just bought $2000 worth of furniture. You will
pay for it in 24 equal monthly payments, starting at the end of May next year.
Interest is 6 percent nominal per year, compounded monthly. How much will
your payments be?
Transcribed Image Text:3.14 (LG 3.4) It is May 1. You have just bought $2000 worth of furniture. You will pay for it in 24 equal monthly payments, starting at the end of May next year. Interest is 6 percent nominal per year, compounded monthly. How much will your payments be?
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