Question
Missouri Corporation wants to borrow $16,800,000. The Montana Miners Bank requires business loans of this type to be repaid in equal installments, paid at the
Missouri Corporation wants to borrow $16,800,000. The Montana Miners Bank requires business loans of this type to be repaid in equal installments, paid at the end of each month for 20 years. If the interest rate is presented as an annual percentage rate (APR) of 7.44%, what is the amount of each monthly payment? (Be sure to carry computations out several decimal places for accuracy.)
- A.$133,893.83
- B.$136,703.05
- C.$132,251.69
- D.$30,563.97
- E.$134,723.97
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Financial Markets And Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
7th Edition
013213683X, 978-0132136839
