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The Ivanhoe Bar & Grill has a seven-year loan of $24,840 with Bank of America. It plans to repay the loan in seven equal installments

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The Ivanhoe Bar & Grill has a seven-year loan of $24,840 with Bank of America. It plans to repay the loan in seven equal installments starting today. If the rate of interest is 11.5 percent, how much will each payment be? (Round factor values to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.) Ivanhoe Bar & Grill's payment $

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