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You borrow $7,000 today and promise to repay the loan over the next three years with 36 equal, end-of-month payments starting one month from

 

You borrow $7,000 today and promise to repay the loan over the next three years with 36 equal, end-of-month payments starting one month from today. The interest rate is 4% APR compounded monthly. What is the amount of each payment? Round only your final answer to two decimal places. $206.67 O $194.44 O $214.98 $202.19 $223.86

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