What is the amount of each payment

Reference no: EM133273723

Question - Canon is purchasing property worth $1,240,000 with a down payment of $248,000 and quarterly payments at the end of every three months for 20 years. If the interest rate of 3.63% compounded monthly for the 20 years:

(a) What is the amount of each payment?

(b) What is the cost of financing?

Reference no: EM133273723

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