Make payments in advance rather than in arrears

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Reference no: EM131814155

A firm will borrow $600,000 to be repaid in monthly installments over four years at a 7% interest rate. How much can each payment be reduced by agreeing to make payments in advance rather than in arrears?

(Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Reference no: EM131814155

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