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You are considering buying a new flat TV that costs today at $4,000. The bank has offered you a loan to buy it. The loan

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You are considering buying a new flat TV that costs today at $4,000. The bank has offered you a loan to buy it. The loan is a 2-year loan for which you will make bi- monthly payments (at the end of every two months). The APR for the loan is 24%. How much is the bi-monthly payment? 1) $266.21 2) $ 2) $965.53 3) $2,060.20 4) $426.21

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