You just borrowed $291,497. You plan to repay this loan by making regular quarterly payments of X for 19 quarters and a special payment of $71,400 in 7 quarters. The interest rate on the loan is 2.88 percent per quarter and your first regular payment will be made in 3 months. What is X? Input instructions: Round your answer to the nearest dollar. $

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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You just borrowed $291,497. You plan to repay this loan by making regular quarterly payments of X for 19 quarters and a special
payment of $71,400 in 7 quarters. The interest rate on the loan is 2.88 percent per quarter and your first regular payment will be made
in 3 months. What is X?
Input instructions: Round your answer to the nearest dollar.
$
Transcribed Image Text:You just borrowed $291,497. You plan to repay this loan by making regular quarterly payments of X for 19 quarters and a special payment of $71,400 in 7 quarters. The interest rate on the loan is 2.88 percent per quarter and your first regular payment will be made in 3 months. What is X? Input instructions: Round your answer to the nearest dollar. $
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