A loan of $60,000 is due 10 years from today. The borrower wants to make annual payments at the end of each year into a sinking fund that will earn compound interest at an annual rate of 10 percent.

Required:

c. If payment was made by making monthly payments with monthly compounding then how less they will pay in a year?

Note: Do not round intermediate calculations and round your final answer to 2 decimal places.