What is the amount of each​ payment?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 3P
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Ted and his partners have contracted to purchase the franchise​ rights, worth ​$73,000​, to open and operate a specialty pizza restaurant called​ Pepperoni's. With a renewable​ agreement, the partners have agreed to make payments at the beginning of every month for five years. To accommodate the renovation​ period, Pepperoni's corporate office has agreed to allow the payments to start in one ​year, with interest at 11.42​% compounded annually. What is the amount of each​ payment?

 

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