Assume that you can buy a $7,400 computer system in monthly installments for 2 years. The seller charges you 12% interest compounded monthly. What is your monthly payment? Assume your first payment is due at the end of the month. Table Note: Round your answer to the nearest cent. Monthly payment riod 0.5% 1.0% 15% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 65% 70% 75% 1 0.9950 0.9901 0.9852 0.9804 0.9756 0.9709 0.9662 0.9615 0.9569 0.9524 0.9479 0.9434 0.9390 09346 09302 2 1.9851 19704 1.9559 1.9416 1.9274 1.9135 1.8997 18861 18727 18594 1.8463 1.8334 1.8206 18080 1.7956 3 2.9702 2.9410 29122 2.8839 2.8560 2.8286 2.8016 2.7751 2.7490 2.7232 2.6979 2.6730 2.6485 2.6243 2.6005 4 3.9505 3.9020 3.8544 3.8077 3.7620 3.7171 3.6731 3.6299 3.5875 35460 3.5052 3.4651 3.4258 3.3872 3.3493 S 4.9259 4.8534 4.7826 4.7135 4.6458 4.5797 4.5151 44518 4.3900 4.3295 6 5.8964 5.7955 5.6972 5.6014 5.5081 54172 5.3286 5.2421 5.1579 7 6.8621 6.7282 6.5982 6.4720 6.3494 6.2303 8 7.8230 7.6517 7.4859 7.3255 7.1701 7.0197 6.8740 6.1145 60021 6.7327 5.8927 4.2703 5.0757 4.9955 5.7864 5.6830 5.5824 4.2124 4.1557 4.1002 4.0459 4.9173 4.8410 4.7665 4.6938 54845 5.3893 5.2966 6.5959 6.4632 6.3346 6.2098 6.0888 5.9713 5.8573 9 8.7791 8.5660 8.3605 8.1622 7.9709 7.7861 76077 74353 7.2688 10 9.7304 9.4713 9.2222 8.9826 8.7521 11 10.6770 10.3676 10.0711 9.7868 8.3166 8.1109 9.0016 7.9127 8.7605 8.5289 12 11.6189 11.2551 10.9075 10.5753 10.2578 13 12.5562 12.1337 11.7315 11.3484 10.9832 10.6350 9.3851 9.9856 9.1186 14 13.4887 13.0037 123434 12.10621 11.6909 11.2961 15 14.4166 13.86511 13.3432 12.8493 12.3814 119379 16 153399 14.7179 14.1313 13.5777 13.0550 12.5611 17 16.2586 15.5623 14.9076 14.2919 13.7122 13.1661 18 17.1728 163983 19 18.08241 17.2260 20 18.9874 15.6726 14.9920 164262 15.6785 180456 17.1686 16.3514 14.3534 13.7535 14.9789 14.3238 13.7098 21 19 8880 22 20.7841 188570 19.6604 18.6208 17.9001 170112 17.6580 14.8775 15.5892 16.1845 14.2124 15.4150 14.6980 16.7654 15.9369 15.1671 23 21.6757 20.4558 24 22.5629 21.2434 25 23:4456 26 243240 22.0232 22.7952 19.3309 18.9139 200304 20.7196 195235 20.1210 21.3986 18.2922 17.3321 16.4436 17.8850 16.9355 18.4244 174131 18.9506 17.8768 15.6204 7.1078 6.9522 8.5302 7.7217 7.5376 9.5142 9.2526 8.3064 8.0925 9.9540 96633 8.8633 8.6185 10.3027 93936 96829 9.1171 10.9205 10.3631 10.2228 98986 9.5896 11.1184 10.7395 11.5174 10.3797 10.0376 9.7122 12.0941 11.6523 11.2340 108378 10.4622 10.1059 9.7678 12.6513 12.1657 11.7072 11.2741 10.8646 104773 10.1106 13.1897 12.6593 12.1600 11.6896 11.2461 108276 10.4325 10.0591 12.5933 13.1339 11.6077 12.0853 11.1581 10.7347 10.3356 13.5903 13.0079 124622 11.9504 11.4699 10.5940 11.0185 13.4047 14.0292 128212 12.2752 11.7641 112850 10.8355 13.7844 13.1630 144511 12.5832 120416 11.5352 14.8568 11.2722 14.1478 13.4886 12.8750 12.3034 11.7701 11.9907 15.2470 16.0584 14.4955 13.7986 13.1517 125504 11.4693 16.4815 15.6221 14.8282 14.0939 134139 12.7834 12.1979 11.6536 16.8904 15.1466 15.9828 13.6625 11.8258 13.0032 6.8017 6.6561 65152 6.3789 6 7.3601 7.1888 70236 68641 6 7.8869 7.6890 7.4987 7.3154 3 8.3838 8.1587 79427 7.7353 2 8.8527 8.5997 8.3577 8.1258 75 9.2950 90138 8.7455 84892 94027 9.1079 8.8271 8.5 94466 91415 8.8. 9.7632 94340 9.12 9.7060 937 9.9591 9.60 10.1945 981 104135 1001+ 11.0612 10.6172 10.200 14.3752 12.3924 10.8067 10.52 10.9830 11.1469 10.674 112905 10.810 10:37