Question 17 options:

2 years ago, you owed the CRA (Canada Revenue Agency) $5,000 in income taxes.You were a full-time student then so CRA agreed that no payments until today (you have just started working). You pay them $2,000 today and starting in 1 month you will make your first of 6 monthly payments to pay off the remaining balance plus interest.CRA charges 6%, compounded monthly, starting from when the tax was due 2 years ago.

Calculate your monthly payment.ANSWER: (in 2 decimal places),

To solve this problem, you will be creating a table with the following format.

B/E

P/Y

C/Y

N

I/Y

PV

PMT

FV

A=?

B=?

Type the value of A below.

Type the value of B below.