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You borrow $29,000 to buy a boat. The loan is to be paid off in monthly installments over one year at 12% interest annually.

You borrow $29,000 to buy a boat. The loan is to be paid off in monthly installments over one year at 12% interest annually. The first payment is due one month from today. What is the amount of each monthly payment? (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

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