Question: R. Lee Rouse borrows $10,000 that is to be repaid in 24 equal monthly installments payable at the end of each subsequent month with interest

R. Lee Rouse borrows $10,000 that is to be repaid in 24 equal monthly installments payable at the end of each subsequent month with interest at the rate of 11⁄2% a month.

Required

Using the appropriate table, calculate the equal installments.

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