updated!

9 DETERMINE the monthly payment RATE NPER PMT PV FV TYPE \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline \\ \hline \\ \hline \end{tabular} Text: You just bought merchandise for your business in the amount of $16,000. The seller has agreed to delay payment for three (3) months. Then, you must pay over the next six (6) months equal installments. Your first payment is due the first day of the fourth month. What are your monthly payments if the discount rate is 6% Solution