Question: A $ 7 , 0 0 0 loan at 1 1 . 7 5 % compounded monthly is to be repaid by three equal payments

A $7,000 loan at 11.75% compounded monthly is to be repaid by three equal payments due 3,6, and 12 months after the date of the
loan. Calculate the size of each payment. (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Each loan payment
A $7,000 loan at 11.75% compounded monthly is to be repaid

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