You make a purchase of $6,000,000 on credit, agreeing on 4 equal payments in months 5, 8, 22 and after two years. What is amount to be paid each month? Interest rate is 24% per annum.

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
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You make a purchase of $6,000,000 on credit, agreeing on 4 equal payments in months 5, 8, 22 and after two years. What is amount to be paid each month? Interest rate is 24% per annum.

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