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Indigo River Media just bought a new ice cream parlor for 786,527 dollars. To pay for the ice cream parlor, the company took out a
Indigo River Media just bought a new ice cream parlor for 786,527 dollars. To pay for the ice cream parlor, the company took out a loan that requires Indigo River Media to pay the bank a special payment of 33,110 dollars in 2 months and also make regular monthly payments forever. The first regular payment is expected in 1 month and all subsequent regular payments are expected to increase by 0.35 percent per month forever. The interest rate on the loan is 1.1 percent per month. What is the payment expected to be in 1 month?
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