You borrow $5,000 right now at an interest rate of 1% per month. You agree to begin repaying the loan 25 months from now in uniform monthly payments spread over the following 3 years (months 25 to 60). Draw the cash flow diagram. Question 1 How much is your monthly repayment amount for months 25 thru 60? Round your answer to the nearest dollar.

Essentials Of Investments
11th Edition
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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You borrow $5,000 right now at an interest rate of 1% per month. You agree to begin repaying the loan 25 months from now in uniform monthly payments spread over the
following 3 years (months 25 to 60).
Draw the cash flow diagram.
Question 1
How much is your monthly repayment amount for months 25 thru 60? Round your answer to the nearest dollar.
Transcribed Image Text:You borrow $5,000 right now at an interest rate of 1% per month. You agree to begin repaying the loan 25 months from now in uniform monthly payments spread over the following 3 years (months 25 to 60). Draw the cash flow diagram. Question 1 How much is your monthly repayment amount for months 25 thru 60? Round your answer to the nearest dollar.
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