What is the payment expected to be in 1 month

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Yellow Sand Recycling just bought a new coffee shop for 505,214 dollars. To pay for the coffee shop, the company took out a loan that requires Yellow Sand Recycling to pay the bank a special payment of 21,650 dollars in 2 months and also make regular monthly payments forever. The first regular payment is expected in 1 month and all subsequent regular payments are expected to increase by 0.55 percent per month forever. The interest rate on the loan is 1.82 percent per month. What is the payment expected to be in 1 month?

Reference no: EM132117204

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