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Calculate the size of your monthly payment

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Question - You bought $8,000 worth of furniture from Lay-z-boy. Starting exactly nine months from now you will make your first of 18 monthly payments to pay off the loan.

The interest rate is 4% compounded monthly the entire time including the 9-month payment-free period.

Calculate the size of your monthly payment. Express your answer in 2 decimal places.

Reference no: EM132912769

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