A loan of $18,000 is to be financed over a period of 24 months. The agency quotes a nominal interest rate of 8% for the first 12 months and a nominal
interest rate of 9% for any remaining unpaid balance after 12 months with both rates compounded monthly. At these rates, what equal end‐of‐the‐month payment for 24 months would be required in order to repay the loan?