I have borrowed $1000 from the bank. The interest rate I am to pay is 20%, compounded monthly. I am to repay the loan by making 24 equal monthly payments. What is the amount of my monthly payments?

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 25E
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Solve this general accounting problem

I have borrowed $1000 from the bank. The
interest rate I am to pay is 20%, compounded
monthly. I am to repay the loan by making 24
equal monthly payments. What is the amount
of my monthly payments?
Transcribed Image Text:I have borrowed $1000 from the bank. The interest rate I am to pay is 20%, compounded monthly. I am to repay the loan by making 24 equal monthly payments. What is the amount of my monthly payments?
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