Question: Pistachio just bought a new cracker for $ 2 3 0 , 0 0 0 . 0 0 . To pay for the cracker, the

Pistachio just bought a new cracker for $230,000.00. To pay for the cracker, the company took out a loan that requires Pistachio to pay the bank a special payment of $56,000.00 in 4 months and also make regular monthly payments forever. The first regular payment is expected in 1 month and all subsequent regular payments are expected to increase by 0.12 percent per month forever. The interest rate on the loan is 1.20 percent per month. What is the payment expected to be in 1 month?
$1,907.38(plus or minus 3 dollars)
$2,484.00(plus or minus 3 dollars)
$55,798.88(plus or minus 3 dollars)
$2,119.31(plus or minus 3 dollars)
none of the answers are within 3 dollars of the correct answer
 Pistachio just bought a new cracker for $230,000.00. To pay for

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