Suppose that you barrow 17000 at 15 compounded monthly over, Ask an Expert

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Suppose that you barrow $17,000 at 15% compounded monthly over four years. Knowing that the 15% represents the market interest rate, you realize that the monthly payment in actual dollars will be $473.12. If the average monthly general inflation rate is expected to be 0.5%, determine the equivalent equal monthly payment series in constant dollars.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91538759

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