Akbar has borrowed $48,000 today and agreed to repay it in 5 years with monthly payments at the beginning of every month starting today (The first payment is due today). Calculate the size of the payments if money is worth 2.6% p.a. compounding quarterly.

Answer rating: 100% (QA)

Let size of monthly payments is p Monthly interest rate2612 02167 0002 Quarterly ... View the full answer