Explain what is the monthly payment

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Reference no: EM1393826

On January 1, 2012, Paik, Inc., borrowed $250,000 to finance the purchase of machinery. The terms of the mortgage require payments to be made at the end of every month with the first payment being due on January 31, 2012. The length of the mortgage is five years, and the mortgage carries an interest rate of 12%. What is the monthly payment?

Reference no: EM1393826

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