Raymonds restaurant needs to refinance its interior design and renovation. After some review, Raymond wants to borrow money to finance such huge project. He talked to RBC banker and based on the companys cash flow and the need for a minor delay, Raymond can afford the payments of $1600 made at the beginning of each month for 2 years, starting in 18 months later. Interest on the loan is 7.12% compounded monthly.

(a) How much must the company borrow today?

(b) What will be the amount of the total payments?

(c) How much of the amount paid will be interest?

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