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Suppose that you borrow ?$40,000 at 12?% compounded monthly over six years. Knowing that the12?% represents the market interest? rate, you realize that the monthly payment in actual dollars will be ?$782.01 If the average monthly general inflation rate is expected to be 0.3?%, determine the equivalent equal monthly payment series in constant dollars.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92064570

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